The 16-bit 44.1 kHz coding system of the redbook CD standard was very carefully chosen because it covers the range and sensitivities of human hearing.

If you take a 24/96 recording and down-sample it (as accurately as possible) to 16/44, I doubt anyone in a blind test will be able to hear the difference. In fact, most people, even on very good equipment, can't tell the difference between 24/96 lossless and 256 kbps lossy MP3. It's just hard for audiophiles to admit it.

Axiom M80s + QS8s + VP180 <-- Pioneer VSX-1120-K <-- Squeezebox Touch / XBox360 / Oppo BDP-93