No, you're right. Bitstream for CD would be PCM--er... \:\)

Bitstream means the output is as the bits appear on the disc, they are just streamed off. It really doesn't apply to formats which are already in their most simple form. It is meant for encoded formats which are then transported to the receiver for decoding.

Pioneer PDP-5020FD, Marantz SR6011
Axiom M5HP, VP160HP, QS8
Sony PS4, surround backs
-Chris