A higher sampling rate should result in a more accurate signal. DACs aren't perfect, and a higher sampling rate allows them to use more optimized filters. Does it make an audible difference though? Probably not. In some sense, it's inferior to 44.1 kHz audio, due to ultrasonic frequencies adding intermodulation distortion.
Between 16-bit and 24-bit audio, there should be no difference in precision if dithering is used correctly. 24-bit audio has a higher dynamic range, but it makes no practical difference. The 96 dB of theoretical dynamic range you get with 16-bit audio is more than enough, even if you were listening at ear-piercing volumes.
So yeah, audiophiles can fuck off.
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Anonymous2013-03-30 8:43
>>2
24-bit gives addition precision at processing, but you should use doubles anyway. Check 'em!
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Anonymous2013-03-30 9:56
>>3
Actually, it doesn't, provided the signal is dithered each time you process the signal. This raises the noise floor, however, which is why a higher bit depth is used for processing (the higher the bit depth, the lower the noise floor). For playback, 16 bits is fine.