—This paper provides a comparative study of the distributed antenna system (DAS) and the conventional colocated antenna system (CAS) in the multi-user scenario. It is demonstrated that thanks to the decrease of the maximum minimum access distance, a tremendous transmission power gain can be achieved by DASs. Besides, the DAS has great potentials to outperform the CAS in terms of multi-user capacity when channel-aware scheduling is adopted. It is proved that the variance of the received power of any given user in a DAS is always larger than that in a CAS, which indicates a higher selective gain. The DAS also has much better interference suppression ability when multiple users are scheduled simultaneously. Substantial capacity gains are shown to be achieved by a DAS over a CAS. Keywords- Distributed Antenna Systems, Capacity, Channelaware Scheduling, Opportunistic Transmission.