> No, no one even has the biological ability to. 44100khz, 16-bit audio can perfectly reproduce audio as far as we can physically tell. The only reason to store anything higher is for production or archiving (that is, for computers to listen to).

I'm not an expert, but one claim I saw somewhere is that a higher bit width and sample rate is good for people who are mixing and doing audio processing, even where the final result might get downsampled to 44100 hz and 16 bits per sample at the last stage.