CD must be more than "low-rez" if reviewers are putting it on equal grounds with (true) hi-rez !! This would include John Atkinson's (recent) review of Meridian's 808.2 CD player.
Let's not forget that (audiophile) recording labels record at *20 bits* along with higher-than-44 kHz sampling rates since the early 1990's. This helped overcome the production losses which occured when recording right at 16. By this, I mean the "headroom" needed for signal processing. Engineers also use dither to remove the low-level quantization noise, if present, for the consumer copy.
I don't know which of these two techniques is more effective - but 16 bits by itself captures 25db more dynamic range than a symphony orchestra produces. Most audiophiles don't know this...or for that matter, how dither works......