On my system the wav file sounds more 'organic'; there's just more 'there there'.
I've since converted some 16/44 files, and to my ears at least, the difference doesn't seem to be as large as with 24/96 stuff.
Obviously, YMMV.
(My system: Jadis Orchestra integrated (in the last six months it was re-capped & re-tubed); Merlin TSM (one of the M iterations) speakers; MacBook Pro (running Audirvana Plus), feeding an Audioquest Dragonfly (shopping for a USB dac, but it's taking forever; leaning toward Wavelength (which is why I got the Dragonfly)); Jenalabs IC's; DIY speaker cables; DIY power cords: DIY power conditioner (only used for TV & DVD player); DIY speaker stands (solid maple).