Aaah, but are we not mixing things up here.
First I do all my recordings at 24 bits. Not because it sounds any different from 16 bits, because it does not to my ears, but because I can keep levels low enough to be certain to never get clipping. That is basically all anything above 16 bit is needed for in my book. If you can set your levels just that perfectly exact and ride the volume 16 bit is plenty good enough. Extra much so for stealthing, because there is not very much difference between loud and weak sounds (dynamics). I do classical music which has a bit more dynamic range (difference between loud and weak) which makes setting volumes more difficult.
Next I look at the converter as such. Actually they are all at the most about 20 bits. The last few bits are only random bits due to the noise of analog circuitry. For those that show figures, 20bit true resolution is an S/N of about 120dB. Few portable devices gives that much S/N. The Edirol R1 I tested only gave about 15 bits of true resolution (about 90 dB of S/N), the rest was noise. Using that box I would never record 24 bits, as 16 bits already conveys all the information there is.
After the recording I edit the stuff in a program in a computer. Here I can EQ, compress, limit and so on before fixing down to 16bit with dither to put on a CD. Of course in this process I use the facilities in the computer, and this means that inside the program the data is 32 bit float or more.
Finally on the CD 16 bit is generally good enough. I might want more when sitting in a totally silent acoustically treated listening room with top-level equipment. Any other situation 16 bit is to my ears actually plenty, often records has a bit too large dynamic range, especially in the car. For car use I generally compress everything a bit more as otherwise the quiet passages gets drowned in noise. Stealthing recordings never has very much dynamics so they are all fine there. Remember, the sound of 16 or 24 bit is mainly constricted by the analogue circuits.
So back to the question. In my mind the limiting factor for most recordings is not the 16/24 bit digital part. Instead it is the analog circuits - low-priced or badly designed analog circuits tend to be noisy and not sound so good regardless of the converter. High-quality well-designed circuits will sound good in front of a 16 bit converter, and the only drawback is the need for the user to be a bit more careful in setting levels. But a really good user will get really good results from a 16bit machine. So if we all stay tuned and hone our skills we will get lots of good use out of 16 bit equipment for a long time to come.
Gunnar