With a high frequency PWM, on relies on fast and accurate transitions. However the turn on / turn off times are not that stable and are not necessarily the same.
The bigger problem is loading the reference input: fast switching causes ringing on the supply and the reference voltage - if you need to rely on ns speed switching this needs a layout good for GHz frequencies - not that easy with the layout, and may not be stable with changes in humidity or similar. In this high frequency range a lot of strange, little predictable effects might happen.
A device like the 74LVC1GU04 has a typical transition of 1.3ns - maximum of 3ns. The resistance is about 20 ohms. I can work with that. I can easily slow down the PWM frequency if I have to for both AC and DC.
There might be ringing. Looking at the effect of this is part of the fun of design.
There is a good reason the 5700A used a rather low PWM frequency. Typical logic outputs are more like 50-100 Ohms switch resistance, 10 Ohms FETs are usually already slower and create significant more switching spikes on the supply.
I gather the 5700A uses 200Hz using technology from many decades ago. You can have the same issues with 200Hz switching when you have older technology components.
For DC, there are methods to test for issues like uneven transition time. If you set the output voltage for 5mV, then every 1ns difference in transition will cause a 1% error in this voltage. Once you know the error, it can be easily compensated for both in the case of AC and DC waveforms. If I was chasing the best accuracy, I could have a test done on this at startup. The only number I need is the difference.
A 100 K resistance in the filter sound reasonable. However this would be just a 1st order filter and there is no way of easy cascading to higher order.
A very odd comment. Each RC stage reduces the ripply by over 1000. I can have as many RC stages as I like, but 3 would be more than enough, even with a much lower PWM rate (if I choose to do that).
Even with buffers in between a chain of 1st order filters don't make a good higher order filter. So the filter circuit in the 5700A has it's reason. Today one might get away with monolithic OPs instead of the discrete JFET pairs. So it can get a little easier there.
the 5700A is filtering 200Hz and trying to get a quick settling time. That needs a much better filter.
PWM, if used in the right way might offer a high degree of linearity, but the filter will cause some frequency dependence. So it might be OK for DC and very low frequencies (e.g. < 1 Hz), but nothing really useful in the AC range. Even a filter at 1 KHz will have quite some residual effect in the 50 Hz region. Some of it is predictable, but it depends on the capacitors (not just capacitance but also loss).
With ready made ADCs, it is possible to measure the dynamic effects as well. A simple step signal or low frequency square wave usually provides enough information. With modern, fast chips that work up to the MHz range, there is no much dynamics going on with 100 Hz sine signal. It is essentially DC in this range. Linearity of the ADC in the AC range is usually well characterized by THD and can be measured if needed.
You have to have the R/C combination initially for the AC PWM, but then it has to be followed by a real filter - either a 3rd order filter such as a Butterworth, or a 2nd (perhaps 1st) order eliptical filter. The beauty of the Elliptical filter is you can have a notch at the frequency of the greatest harmonics. The filter a can be active or passive.
When you pick the right type of filter, the gain of an active filter at 1/50th of the lowpass corner frequency can be known with the same accuracy as the gain error of the amplifier just as an ordinary unity gain buffer. All AC amplifiers (whether for PWMs or DAC buffering) will not have perfect unity gains and this is all part of the design process. There are ways to handle this, but I now have the option of some opamps with very high bandwidth and so the gain error can be pretty low. I have a lot more choices then the 5700A designers had.
And I am talking about better then 0.01% accuracy. Probably a 0.01% reference would be a satisfactory result if that was the best I could achieve. A calibrated 5700A on its best range only manages 0.006% on its best range at 1kHz. If I can manage 0.01% before AC calibration (in other words, 0.01% accuracy in comparison to the DC reference), that would be a fabulous result. I have a Fluke AC/DC thermal transfer to check.