While a discussion of math is all good, I also think it would be good to support robust investigations of how 16 bit, 44.1k compares to higher resolution music in actual controlled listening environments. While many are critical of the Meyer & Moran study, the best way to respond to it is with a study at least as robust.
Mark Waldrep appears to be trying to organize such a test per comments here: http://www.realhd-audio.com/?p=2147
Supporting Mark's efforts to conduct a robust test (financially, equipment loans, ears, etc) seems like a good thing to clarify under what conditions 16 bit 44.1k playback sounds better/the same/worse than higher resolution music (if that's his goal if I read his comments accurately). I think everyone wins if such a robust test is conducted because we all learn something from it, regardless of where people stand without such a test.