As a recording engineer, I record at 24/88.1 or 96, depending on whether the primary destination is CD or video. I would record at 24/176/192 if my equipment would allow it. I use this level of resolution in the spirit of good engineering practice, and stay at high resolution through the various manipulations of mixing and mastering (for example, EQ, dynamics, level adjustments, spatial adjustment through MS, pitch and tempo adjustments). When all is done, the signal is dithered on the way down to 16/44 for CD.
When I listen in a 'consumer' frame of mind I don't really care whether the recording is 16/44 or 24/96 or 24/192. To me, the choice of loudspeaker completely obliterates these minutiae as a sonic variable, as does the quality of the mix - which also varies enormously.
The music itself, as usual, is the most important variable - and I will happily listen to 25% distortion if the music is good enough.