I used to work in this space and I've dealt with:
- Barco Auro 3D
- Frauenhofer MPEG-H
- Dolby Atoms
- DTS:X
The idea behind Auro3D is to just use a lot of discrete channels, which is great for cinemas with a static playback architecture, but there's no way to adjust the mixing based on the listener's speaker setup. So it is difficult to make sound great for home use unless you have lots of space to hang things on your ceiling. (5 top speakers needed)
MPEG-H can do everything but it's difficult to configure and was fully specified very late, after Dolby Atmos was already in production. That said, this is the agreed-upon default standard for broadcast, because it supports stuff like 200 language-independent 3D objects + 5 language-dependent voice actor tracks, all positioned in 3D. MPEG-H can also be converted easily to Dolby Atmos and DTS:X.
Many professionals agree that DTS:X is the best quality consumer option. It also theoretically supports quite a lot of customization. But ASIC implementations tend to freeze those because otherwise it's too expensive. And it still is expensive.
Dolby Atmos virtualization is said by gossip to be a few 32-tap IIR filters with delay modules in between. That means it's by far the lowest-tech solution on the list. And that means cheap ASIC implementations. I believe this is why Atmos won.
If I remember correctly, DTS:X is a $4 chip, Atmos is a $0.5 chip.