Current high end studio quality is more like 64 or 128-bit. 24-bit is like DVD quality audio. That was studio quality over a decade ago. About the sizes, a flash drive is going to be the best choice, there was an article here a while back about them soon going into the TB range so size won't matter unless it can't be read quickly enough for playback on certain pc's or something. For download distribution and portable players we are probably stuck with lossy compression for a while but I like the idea of flash drives having both formats and bonuses personally.