Around 1985 my house full of audio geeks set up a live vs. digitally processed test using a Nakamichi ADC (tweaked Sony PCM-F1) in the signal path, an ABX comparator, and a rotating listening panel. The speakers were Maggie MG-3 Ribbon dipoles, and the amp a Tandberg low-TIM Matti Ottala design. Results were that running the live feed (acoustic guitar trio w/ cello & violin) through the ADC/DAC process did no audible harm to the live signal. The live performers were in another room, miked with a Nak Tri-Mic setup, and were local professional musicians. From this we concluded that in theory and practice, 16/44.1kHz sampling was good enough for live-to-2 track mastering of a high quality music signal...at least one as simple as a chamber ensemble.
But we all heard lots wrong with commercial CDs of the day. From this we believed the fault lay with how multi-tracked analog recordings were being digitally mastered and mass produced as CDs...not the digital process itself. The fact is CDs did get better over time. Our reference for "analog" were live-to-2 track tapes of classical concerts, not LPs (far, far, inferior, even with a SOTA Sapphire and Dynavector Ruby Karat).
But we all heard lots wrong with commercial CDs of the day. From this we believed the fault lay with how multi-tracked analog recordings were being digitally mastered and mass produced as CDs...not the digital process itself. The fact is CDs did get better over time. Our reference for "analog" were live-to-2 track tapes of classical concerts, not LPs (far, far, inferior, even with a SOTA Sapphire and Dynavector Ruby Karat).