Recently, a so-termed Chip-Interleaved Block-Spread (CIBS) CDMA system has been introduced, which enables Multi-User Interference (MUI) free reception. This transceiver can be used in the uplink as well as in the downlink. In this paper, we focus on the downlink and compare the downlink CIBS-CDMA system employing an MUI-free receiver with the conventional downlink Direct-Sequence (DS) CDMA system employing a chip equalizer receiver. The analysis, which is validated by simulation results, reveals that CIBS-CDMA with an MUI-free receiver has a number of advantages over DS-CDMA with a chip equalizer receiver.