If it were true that there's no audible difference between 16 and 24 bit, companies like Alesis, Otari, ProTools, etc. wouldn't have spent the last 15 years ditching 16 bit like an old pair of smelly sneakers. (better metaphors welcome).
Seriously, anyone who has sat down in a real listening environment for 5 minutes A/Bing 16 vs 20 bit, 16 vs 24, etc. hears the difference immediately. There's no question. This is why you can buy ADAT 16 bit 'blackfaces' for $100, down from their original $4,000.