The best place for a consideration of PRaT is Martin Collum's 1992 article in Stereophile: Pace Rhythm and Dynamics. You can find it here. http://www.stereophile.com//reference/23/index.html . Any further comment by me on what PRaT actually is, is superfluous after Collum's excellent article.
To a large extent PRaT is also part of one of those American vs British audio things (yes, generalization I know). On the one hand PRaT (or musicality) on the other Soundstage (or detail). Each school has it's adherents (and it's zealots). I'm a PRaT kinda guy myself (full Naim rig so it's pretty obvious actually
"For all its quantifiable technical faults, easily identified in the laboratory when compared with the measured near-perfection of CD, the vinyl LP disc possesses a powerful and effortlessly musical content, with an easy, fundamental rhythmic stability and solidity. Interestingly, this innate character seems to be quite robust, more so than digital."
"By contrast, digital audio is a fragile medium. Sonic greatness remains elusive, digital replay often seeming to get bogged down at an earlier stage, one in which the listener's lack of involvement leads to a substitute activity."
Now, of course, they're perfectly willing to sell advertising space to the latest and "greatest" $25,000 CD-Player/Espresso Machine/Bookend.