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Music on average these days has between 6 and 12 dB's of dynamic range. 96 dB's are available with 16 bit audio (not taking into account dithering). 24 vs 16 bit has no relevance as far as the "loudness wars" or clipping.
correct the loudness wars can still exist in high rez audio files. The belief tends to go that due to the limitations of early dacs and peoples listening choices studios began to change their mastering of music. The versions in higher res audio tend not to have so much compression being done to them. It is said that songs now a days are being mastered to sound best on apple earbuds. The hope is that if higher res versions are offered and Neil Young can pull of the "returning the soul to our music" that mastering process will change. We have already seen this start to take effect. Trent Reznor has released 2 masters of the latest NIN album one for audiophiles the other for ipod earbuds.