24-bit gives more detail for each sample... It is analogous to comparing a 256-colour image to a full colour (16.7 million colour) image. The dynamic range is that much more than a CD (the difference in volume between the loudest and quietest sounds).
Whether Apple choose to make their 24-bit audio files lossless or not is unknown. But I think it'd be silly to go to all the effort of creating a format for audiophiles if it isn't perfect.
no, actually, you have the wrong comparison.
going from 44.1 khz to 192 khz would be like going from 8 to 16-bit color.
16 to 24 bit would be the analog of an increased color gamut on your monitor.
In theory, you would be technically correct in your comparison, but images and sound a inherently different things from the perspective of our brain.
Going from 256 colors to 16.7 million, you aren't adding a "blacker black" or a "whiter white" or a "redder red," you are just filling in more of the spaces between the different extremes of hue and value. This is the equivalent of increasing the sampling frequency in an audio file, not increasing the potential dynamic contrast.
Even if these rumored new files are lossy, at 24-bit, they could potentially sound better than 16-bit lossless files, but that potential is entirely dependent upon the original recording, and the rate of compression applied.
If you ever owned a good DTS-encoded CD, you know what I mean. They squeezed 5-6 channels of 24/96 audio into the space of 16/44.1 uncompressed audio, and more often than not, it was an incredible improvement. That said, DTS CDs were typically not 24/44.1, and I'm of the opinion that the increased frequency was as important, if not more so, than the increased bit size.
The main problem I see with this rumor is that Apple has specifically removed compatibility for these sorts of files in their new iOS-based Apple TV. The old one would play both 24/96 ALAC (from FLAC) and DTS-encoded ALAC (masquerading as CD-Audio) files, both locally and over a networked iTunes library. The new one will play neither, because it converts everything to 16 bit, 48 khz (typical DVD audio format) on the way to the receiver.
Maybe they can create a format that works where the existing ones do not, but I'm betting they can't.