Greenears
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So still what am I hearing?
My best guess lies in a misconception that many have about quantization noise. Please open any standard EE textbook on signals and systems. The first thing you will read is that Quantization errors are a non-linear process and cannot be completely analyzed mathematically. The ~6db per bit idea (which is where you get your 100 dB and 60 dB) is an approximation. I'm not making this up it says it right there in the textbook. I saw a U of Waterloo paper (google) that had a good intro summarizing Q noise, google it. The analogy is similar to FM and AM radio. In EE you learn how to completely analyze AM using Fourier and Laplace. Every detail can be described by nice equations with precise answers. Then the next thing you learn is that FM is a non-linear process that has no equivalent equation. But it sounds better. This revelation is very frustrating to young padawans, but you get over it after a few weeks. A few tricks and approximations and maybe computer simulations are used to analyze FM to enough extent to be able to use it. Same with Q noise - and actually it has some similarities to FM with repeated short spikes throughout the spectrum.
FFT:
You also can't say conclusively you looked at the FFT and didn't see anything. While I agree it's true that you aren't going to miss some 50 dB spike, there are limitations with FFT. Signals move in time, FFT is a slice in time. To convert between domains you need a window like Hann or Blackman and the windows have artifacts. I think everyone that has worked with this stuff hands on knows this.
Possible Theory:
So remember that a frequency shift and phase shift are the same thing (while they're shifting). My suspicion is that human hearing is incredibly attuned to minute frequency differences, which make up what we call "tone". Note how well we pick out peoples voices, or a Stradavarius, or a Gibson. I'm sure you can pick out Mick Jagger or Bono or Bruce Springsteen in the first syllable. No tones are pure, they all have distortion and we can pick out the slight differences in the higher order harmonics. It may be that at some resonant frequencies the quantization introduces just enough frequency shift that you can detect it, or mucks with the relative amplitude of certain harmonics.
I think that you are spot on here in your analysis of why some people can hear a difference. It is about the range of frequencies and how they change. Harmonics are of most importance. What you haven't quite realised is that the information about frequency shift is carried in the shape of the side of a SIN wave, so when you think about all of the SIN waves added together in every sample you will get more 'information' about the sides of waves if you have a more accurate reading and if you have more samples. 24 bit is actually only giving us 20.5 bits whereas 16 bit does give us 15 or 15.5. Assuming that the ADC used for recording was able to provided more than 21 bits of resolution then that is around 25% better resolution. So not massive and CDs sound a lot better through a good DAC anyway. So, it is reasonable to conclude that we are fairly close to getting as good as we can with this technology.
Haven't heard the term "side of a sine wave" before. You mean the first derivative? Where do you get 15.5 / 20.5 bits from? if you are saying that quantization errors near the zero crossing cause subtle phase shifts I'm listening but the counter theory is that as long as the INL of the codec is good those errors get filtered at the output and the fundamental comes out unchanged with the errors pushed to higher frequencies at inaudible levels. But tell me more....