While the headroom and resolution factors of 24-bit recording are indeed advantageous, I believe we have all the amplitude resolution in 16-bit audio that we need if the right dither and noise shaping are employed.
You can effectively achieve around 18 bits of resolution (
within the 16-bit audio) this way and for modern pop/rock music, this is more than enough. This is because dither allows the ear to perceive attenuating signals
below the noise floor and when noise shaping is added, this noise is virtually almost disposed of (or, shifted rather), depending on what type and shape you use. It's actually a natural function of the ear to be able to perceive signals below the noise floor in the natural world. This is a result of the evolution of the ear as a defense mechanism and the principle on which dither is based.
Don't get hung up on the mantra that 24-bit audio is vastly superior to 16-bit audio. There is no reason why you should not be able to achieve a good recording (and sub-sequent mix) working in 16-bit, given the right considerations. The main argument in my mind for working at a higher bit depth is for internal DAW precision where processing would benefit from the lowered noise floor and less quantization distortion.
And just to clear up headroom in digital audio...
Headroom can only be defined in relation to a nominal level, like +4dBu or 0VU. Without that reference, increased amplitude resolution can only be understood as more room on the bottom. IOW, a lower noise floor. 0dBFS is the same in 24-bit as in 16-bit however the real-world clipping point is mostly defined by the input and output sensitivities of your converters, which varies, depending on your calibration and converter model/type. Granted, there is more of a risk of hearing quantization distortion in 16-bit audio but, like I said, with the right dither and noise shaping considerations, this problem becomes manageable.
Cheers
