To my knowledge, there may be some equivelent of generational loss in digital. Summing, dithering, or processing of almost any kind adds artifacts which are not part of the original signal. Mixing "out of the box" into outboard compressors, etc. adds another trip through the converters where you can add distortion.
actually, I´d call it more "conversion-loss", but yes, it happens of course. what I meant was "no generation loss" strictly in terms of 1´s and 0´s... analog summing has it´s drawbacks, too, and signals differ quite a bit input to output.