16-bit 44.1 KHz digital is like low-resolution video.
Comparing Digital audio with low resolution Digital video is another audio myth. Let me clarify why this statement can be misleading:
Our eyes can clearly detect much greater pixel video resolution than mainstream digital video formats and therefore higher pixel resolution (HDTV) is still a worthwhile pursuit in video reproduction (although a much higher frame rate than 30 fps is not generally worthwhile as our eyes do not perceive this benefit). Since we do not hear much if anything above 20KHz, there is actually very limited benefit to seeking significantly higher sampling resolution in audio reproduction than we already have today with CD reproduction...except perhaps in a recording studio where a higher bandwidth may provide greater flexibility and allow for optimal bandpass filtering when mixing/mastering (same goes for using 20 bit or higher resolution for studio digital applications).
For those interested, there are some experts who are actually willing to state their position about the sample rate myths and other well propagated myths of Analog versus Digital, including other audio tweaks. I will not claim to be an expert or to have 'golden ears' but I think this link presents a useful. "down-to-earth" viewpoint to audiogoners, even if many will disagree, at least it can act as a rudimentary guide of where to spend the majority of our $$$ in audio equipment and maybe act as a warning against high $$$ "to good to be true equipment claims";
See
http://signal.ece.utexas.edu/seminars/dsp_seminars/01fall/AudioMyths.pdf