Since there are more and smaller 'steps' (as you described it) each step is also going to be more accurate.

Another point about 24 bit is the FX processing. *Most* digital effects will produce better results at 24 bit also. It helps reverbs, etc be more accurate also, and everything else down the line.

The caveat with this (in PGMusic products) is some of the effects in the Edit pulldown will not work on 24 bit.
The workaround is to use the Edit-Audio effects- Realtime DX FX path. The FX that load thru this route will usually work with 24-bit. Using this path envokes a different set of effects and allows hard-writing 24 bit if desired.

Then, of course, comes the dithering.. but that is a whole different subject. 24 bit has to be made to 16 bit for common CD format.
Here's a good article to help understand that process if anyone is interested -

http://www.izotope.com/products/audio/ozone/OzoneDitheringGuide.pdf


I do not work here, but the benefits are still awesome
Make your sound your own!