You can see the objective differences between 16-bit and 24-bit output in NwAvGuy's measurements of the 2011 MacBook Air's DAC: http://nwavguy.blogspot.com/2011/12/apple-macbook-air-5g.htm...
You can see the objective differences between 16-bit and 24-bit output in NwAvGuy's measurements of the 2011 MacBook Air's DAC: http://nwavguy.blogspot.com/2011/12/apple-macbook-air-5g.htm...
Considering your advice of setting the output to 24 Bit while your audio collection is (most likely) encoded in 16 Bit, should trigger a conversion while outputting the audio signal - this conversion is useless, of course, as you can't turn this material into something it isn't (imagine upscaling 720p video to 1080p, new packaging, same old content/quality). Yet, and correct me if I'm wrong, the conversion still happens and alters the signal.
So, to avoid this match those audio/midi settings with your music library. There are also expensive iTunes alternatives that deal with this problem by adjusting the output settings to the currently playing audio file on the fly - in case your library consists of mixed bit depth/sample rates. I don't use those solutions though.