Earlier quoted context omitted.
Mastering for "high fidelity" 24-bit audio on iTunes is an oxymoron. The compression algorithms used for AAC and MP3 are going to the worsen the sound quality in a manner that renders the extended dynamic range of 24-bit audio is useless.
even on mp3s where the bitrate is low enough to hear some compression artefacts you would still be able to perceive the difference in dynamic range and the iTunes files are 256 kbps AACs, you can't hear the compression remember that 'compression' in this context is data compression and not audio compression (which acts directly on the dynamic range of the source)
I can most certainly hear the compression when compared with CD digital audio.
I fully understand the difference between data compression and dynamic range (not audio) compression.
What I'm saying is, lossy data compressed audio formats are already compromised enough to rule it out as a medium for audiophile use. Worrying about the dynamic range at that point is moot. It's going to be played on tiny, terrible sounding speakers.