I'm no expert at any of the mentioned topics but I know that if you process music you'll probably have to use oversampling. It is being built in virtually every DSP software nowadays. For playback, 44.1kHz is perfect to reproduce the signal if the signal is bandlimited to 22kHz.I don't know if today's filters are capable enough but I'd assume yes. As far as I know the only advantage 24 bit has over 16 bit is bigger dynamic range and headroom. As far as I know the ear and brain consistently trash out/dismiss a portion of the information and mp3 takes advantage of this. You could argue about how well it works but what I know is that mp3 works for me perfectly so far. It not only manages to convey the art and move me emotionally just as much as lossless but I literally can't spot any difference between mp3 and lossless (as I already mentioned).