It is a common belief that Redbook (or any digital chain) is limited in time resolution to the time represented by the time between samples. This is incorrect. 16/44.1 digital can resolve time differences into the nanosecond range, orders of magnitude less than the time between two samples. If you doubt, I can refer you to videos and papers proving it.
Some very early CD players had a phase shift between channels due to sharing a single DAC between channels due to cost. In one I have seen the test results for, the difference amounted to 22 degrees phase shift at 20 KHz. All players and DACs that you can buy since the 90s have one DAC per channel. Phase shift is essentially zero.
Finally, rise time and frequency response are one and the same thing, viewed in different domains (time versus frequency).
Please do refer me to the videos and papers proving that 16/44.1 can resolve time differences into the nanosecond range.
That regarding timeline of (non)availability of "digital" sharing a single DAC with consequent phase shift "since 90s" does not hold true. Some computers, notebooks, netbooks etc, as well as external DACs, have been available as recently as 2009 - if not longer. With these, reduction of phase shift is clearly audible AND visible on the oscilloscope by the use of higher than 44.1 kHz sampling frequency in any software, foobar2000 being the most commonly known and used. Audible difference lies primarily in imaging : soundstage width ( it becomes wider/broader ) and soundstage depth ( it starts to show some vestiges of depth, it is no longer glass pane flat ). Since such "digital whatevers" are usually limited to sampling frequency of 48 kHz, the shape of the output signal (square wave, frequency response etc ) will be exactly the same as if when run with the 44.1/48 kHz "sampling" in software; only phase difference between channels does get reduced by increasing the sampling frequency in the software, it can not increase the resolution which is limited by the hardware. And this most definitely IS audible - if one's laptop/netbook is not exactly young, worth trying out if it does not hide inside a single DAC ...
Yes, rise time and frequency response is the one and same thing viewed in different domains.
However, "ringing" ( the correct consequence of lacking high frequencies ) in 44.1/16 > 88.2 >etc compared to analog signal ( live microphone feed ) can be significantly reduced to (almost but still not insignificant by the use of DSD128) insignificant discrepancy from the original by high enough sampling frequency. It is perceived in the timbre - 44.1/16 sounds hard and sizzly,
where ever faster sampling sounds ever softer and smoother, in the end approaching to the live microphone feed. This statement does and will continue to hold water regardless of recent improvements in filtering for the 44.1/16 - the exact same measures can be used to improve filtering of higher sample rate PCM and similarly filtering for the DSD - which by the time DSD 512 is reached, becomes practically superfluous. It means, for all practical purposes, signal that is faster than anything possible with analog with out of audio band noise low enough not to cause trouble - in other words, something that can faithfully record and play back music.
It is unfortunately true that file sizes and everything that supports hirez is mind boggling:
DSD 64 (SACD ) 1GB 22 minutes audio
DSD 128 1GB 11 minutes audio
DSD 256 1GB 330 seconds audio
DSD 512 1GB 165 seconds audio
Exact time is slightly different, but no hair splitting please, meant was to show it does look daunting . Similar occurs with DXD that can by now go past 700 kHz sampling/24 bit. But at the rate computers are progressing, above in say a decade may look "business as usual". I certainly hope so.
I wish I could afford beyond DSD128 - but it will have to wait, impossible at the moment, as it means exchanging everything from recorder(s) to hard disks ( from above it should be clear SSD is out of question due to storage size/cost requirement ) and everything in between. But I do see the benefit, although it should not be as dramatic as the jump from DSD 64 to DSD 128 ( roughly equivalent in difference 44.1 vs 88.2 or 96 in PCM ).
Conclusion : Dear Santa....