Not really comparing apples (excuse the pun) and oranges there - one is a codec the other is a streaming technology.
Regardless, despite what audiophiles might spout out, no one in the world has yet to reliably spot the difference between a 256kbps AAC or 320mp3 vs its Wav/AIFF/Flac/ALAC original.
Try for yourself - when faced with the blind test no one gets more than 50% guess rate, even on the best gear in the world in a full sound treated world class studio (which no one apart from audio engineers have)
http://abx.digitalfeed.net
Most of the audiophile thing is simply placebo affect.
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None of this formats will make any different to the end user - it's just to a way to sell over priced stuff to audiophile fools who'll pay for it.
Everything is recorded at 24bit in the studio these days - it helps with recording as it gives you more headroom and a lower noise floor - it has nothing to do with "sounding better".
Higher sample rates help "a little bit" with multiple tracks in that you can render software plugins with lower aliasing.
All this stuff only helps tiny bits in a multi-track recording with plugins that might benefit and even then it's just a case of using your ears. Once you've got a mastered 2 track file it's not going to make a blind bit of difference to the human ear and no one on this planet will be able to spot the difference no matter how much they claim they can, they will ALWAYS ALWAYS fail in a blind test on any equipment and songs they want to use (check every scientific test ever taken, the results are always the same - the end users are only ever guessing)