Hi,
I do not know much about music editing, but I do know a little about picture and photo edition. Since the information, no matter what kind, is related in a fundamental level, for me the following analogy will be valid.
If one tries to edit a picture, lets say, using photoshop, and the original file is jpge, it is high likely that some artifacts are going to be created as a byproduct of the process. If the original source is a RAW data file with high bit depth, the end file will have, usually, a better appareance and less artifacts and edition defects. The end file of both process could have the same format, the same compression, the same bit depth, but because the original data had more information, the end product will be better.
So, if one create two losy music files from the same song, both at the same bit rate, but the first one using a 24/96 source and the second using the usual CD quality 16/44 sourse, it is more likely that the later will have more compresion artifacs and other defects; However, it does not mean that the file created from the 24/96 source will be better than a lossless 16/44 song.
Edited by daniel0407 - 10/23/12 at 12:52pm