I resume this old thread because I've discovered this webpage, and I found very interesting this paragraph in particular:

This paper presented listeners with a choice between high-rate DVD-A/SACD content, chosen by high-definition audio advocates to show off high-def's superiority, and that same content resampled on the spot down to 16-bit / 44.1kHz Compact Disc rate. The listeners were challenged to identify any difference whatsoever between the two using an ABX methodology. BAS conducted the test using high-end professional equipment in noise-isolated studio listening environments with both amateur and trained professional listeners.

In 554 trials, listeners chose correctly 49.8% of the time. In other words, they were guessing. Not one listener throughout the entire test was able to identify which was 16/44.1 and which was high rate [15], and the 16-bit signal wasn't even dithered!

That's why we all love so much laserdisc PCM soundtracks...