As with high sample rates, I think high but depths are mainly of interest at the recording side of the music reproduction process. The lower noise floor of 24-bit versus 16-bit provides greater headroom, so that achieving a recording that is well above the noise floor of all the devices in the signal chain (one or more of: mic, preamp, EQ, compressor, patchbay, mixer, interface, etc.) without clipping the digital signal is almost fool-proof. Recently, more 32-bit recording devices are being released, not because they sound better but because for all intents and purposes you don't have to worry about recording level since you can safely apply whatever gain you need in software.