There two things to consider.
Firstly, jitter relates to clock stability, and highly-specialized clock measurement gear, followed by software analysis of the measurements to get an integrated phase noise value, over a given spectrum, is required. 10 pS of jitter is nothing that one could see on an ordinary 'scope or even measure reliably with, say, an AP SYS2722 which is a more general-purpose (and of course excellent) analyzer.
Secondly, the Audiophilleo1 allows for adjustable risetime in the edges of the S/PDIF output in 5 steps, from 700 picoseconds to a relatively leisurely 15 nanoseconds. Once again, these values are nothing that could be seen easily on most 'scopes. This feature is designed to optimize performance with a wide range of DACs, whose input stage may prefer a particular risetime.
So to answer your question more directly, the quality of the output from a S/PDIF source with very low jitter and a well-designed output stage that allows variable rise-time is hard to evaluate reliably by eyeballing it on a 'scope. The fidelity of the waveforms being tested is greater than anything the 'scope could differentiate. While it's fun and instructive to post graphics of the S/PDIF 'eye pattern' measured using an AP SYS2722, the noise levels of such test instruments are similar to or worse than those of the device under test in this case. Sure, grosser issues will be apparent, but then, they'd also be apparent to your ears.
In the end, go by what you hear. My observation is that you can pretty readily sort S/PDIF converters into various categories, such as less than 100 ps jitter (the best ones); 100 ps to less than, say, 500 ps (OK, but clearly not as good as the first category) and then the 500-1000 ps and up category (really bad news, and typical for comes out of many computers and consumer electronics devices).
Edited by DigitalDirect - 1/8/11 at 11:39am