There are higher quality CD players being developed, with a couple of offerings already for sale; but the standard is still 16 bit 44.1 sample rate.
The advantage of recording at 24 bit is that it gives you more headroom so that you don't have to come so close to digital "overs" in order to take advantage of all the resolution the CD offers. You can leave some headroom while recording, and STILL end up with closer to TRUE 16 bit results.
The final result STILL needs to be at 16/44.1, so when you are finished with the mix you dither down to 16/44.1 , which is your master to burn CD's from.
If your software/hardware offers different types of dither, you will need to experiment to see which sounds best. This can vary depending on both soft and hardware, as well as type of recorded material... Steve