Earlier quoted context omitted.
I'm very jealous of your healthy hearing range... I now wear hearing protection, but the damage has been done. When it comes to file storage, I will take a 44.1/48K 24 bit FLAC happily, since it usually comes out to the same size as a CD-Q WAV file anyways. I see no reason why everything shouldn't be in this format, but CD's have made a serious dent in formatting standards/habits.
24bit has been shown to be excessive in actual tests, and it doesn't really pass the "bullshit test". 24 bit allows you to switch between a whisper in a library and a jet engine or shotgun blast in a single recording—yes, it would instantly damage your hearing. By comparison, 16 bit audio can "only" record a whisper in a library and a motorcycle or jackhammer. Double blind tests show that 8 bits are not enough, but 1…
For playback though, I agree that 14 bits are probably enough. Even high quality mastering tape has the equivalent of about 12 bits of dynamic range, which is fine. Many fabled analog pieces of equipment have terrible signal-noise characteristics, but are still valued for other reasons (coloration, distortion etc...)-which is all fine by me.