I had
Back in 1992, I had Casio DAT recorder that only did 16/48. And while it sounded way better than anything else I could afford at the time (like a Synclavier or a Panasonic SV3700) the anti-aliasing filters could make for some fuzzy fade-outs. The point is that 24 bit audio for production and masters is critical if you are using dynamic instruments. It's not the loud-end of the production that's a problem, it's the noise floor of the quiet-end when you can hear the quantization noise. Luckily, these days it's pretty easy to get decent converters on just about everything except toys.
That being said, I will concede that 16/44.1 is overkill for 99% of what's out there: The beats you are hearing over and over and over and over and over and over and over and over and over and over and over and over and over and over and over again were originally created on machines that ticked out 12-bit samples at maybe 25-32khz at best. So when you take everything and mix it "in the box" and "make it loud" (apparent loudness) so that it only has about 4dB of dynamic range and autotuned vocalizations, even AAC VBR 128kbps is overkill for a production master. -Because people don't know that they don't know.
I had the great honor of recording a classical pianist last year on a Fazioli F278. I rented two Neumann TLM 49's for the occasion and recorded into my little Apogee Duet at 24/88.2. In editing, there is no eq, no compression or limiting and it came out gorgeous. I wish everybody could hear it because it's exactly what that piano sounds like: It was all one big sweet spot and it would have been fine even in mono because of this: Talent+Material+Instrument+Mic+Converter. I didn't have fancy mic-preamps, but those fat condensers on that 10-foot grand made it great. -Even the mp3's on Soundcloud came out better than I thought because of my workflow. If you're interested, here's what a real piano played by a 70-something person sounds like:
https://soundcloud.com/jameslongpdx/lchubert-death-and-the-maiden