The skin depth by the way is sqrt(2 1.7e-8 ohm m / (2 pi 400Hz mu0))=~3mm for copper---OK for single rack, but starts to be significant for the type of bus bars that an aisle of racks might want.
As for efficiency, both 400Hz transformers AND fancy DC-DC converters are around 95% efficient, except that AC requires electronics to rectify it to DC, losing another few percent, so the slight advantage goes to DC, actually.
As for merging power, remember that DC DC converter uses an internal AC stage, so it's the same---you can have multiple primary windings, just like for plain AC.
