An interesting discussion, and one where I can admit my noobishness!
I have some 24/96 FLAC. What exactly does that equate? Is it SACD or is that 24/192? And is any of this FLAC hi rez, or does it have to be in a completely different format to qualify as hi rez?
Food for thought for me. I checked, I have 1.8TB of music, less than 30GB is not 16/44.
So, perhaps for me and my collection, I really only need a DAC compatible with 24/96, though 24/192 could prove useful as the collection expands.
I am also reticent to invest a lot yet, given the structure of my collection, and how it is weighted to Red Book.