16 bit 48 Khz is very good. There'e a reason why CD's are recorded with 16bit 44.1 Khz, it's because the large, large majority of people can't really tell the difference above it.
For the audiophiles out there:
https://www.npr.org/sections/therecord/2015/06/02/411473508/how-well-can-you-hear-audio-quality
These complains mainly are regarding the fact of the resampling and beside the maximum limit of the sampling values. I'm not such a big expert on this, but any conversion/resampling (regardless if it UP or DOWN) ends up with some loss of the quality, that's a fact. And most FLAC and mp3 files out there are 44.1kHz originally (and not 48), so those would be surely concerned. The decimation level of the actual SQ in practice is another story and -
maybe- it's still bellow the average perception limit of most of the people. I just speak the theory. But the optimal would be the perfectly untouched PCM bitstream on the original values of these music files, not matter what they are, which just won't happen 100%-ly in these cases.