It turns out this is audiophool bollocks. Monty is the guy who wrote Ogg Vorbis — he knows his stuff. There are no humans found in the last century who can testably hear over 20kHz, ultrasonics encoded at 192kHz just cause intermodulation distortion, 16 bits is provably all the information any known human ear needs and the main benefit of 24-bit is headroom.
“Modern playback fidelity is incomprehensibly better than the already excellent analog systems available a generation ago.” Monty’s advice for actual fidelity? Spend effort on decent headphones.
(Can you tell a 320kbps MP3 from the FLAC? I know damn well I can’t.)