It sounds like we maybe need to start another thread on the pros and cons of 24 over 16 bit recording.Sometimes I am inclined to think the hype over 24 bit sounds like something a salesman of a 24 bit machine would say. Scientifically speaking 24 bit resolution is thousands of times better than 16 bit,actually audible difference to the human ear is small and probably not noticed on a lot of source material(please dont tell me I'm jealous )
24 bit is becoming the norm with 16 bit recorders still selling in personal studio recorders. If you play a hardware synth chances are you are playing 16 bit or less.
The general public has largely embraced the Mp3. That means the general public is happy with a sound inferior to 16 bit. A lot of commercial concerns rejected the Mp3 to start with because it was deemed unsuitable in audio quality and therefore unsuitable as a sales medium for songs.Steve Jobs showed us this is not the case(and made lots of money).
You can shoot me in the fanny on this if you want to but I have to mostly agree with Sheriff. For the web and CD production if you already have an investment in good 16 bit equiptment keep using it and don't look back. If you are investing in new gear,what the heck, get 24 bit stuff because it might sometimes make a subtle difference and because it will make you feel better.