Actually, the biggest advantage of these formats is that they only tend to be provided by true "audiophiles" and by that I don't mean audio equipment lovers, I mean real "music" lovers.
So these recordings generally don't suffer from the heavy-handed use of dynamic range compression, the use of autotuners, etc and all the other processing crap that is the norm on main stream releases these days.
BTW, anyone who can hear the flyback transformer in an old color CRT can hear beyond the frequency range of CD's (color CRT flybacks are usually in the 24-26KHz range).
When I was in high school, we would goof around in electronics class by taking a ribbon tweeter, which was capable of generating sound over 40KHz, hook it up directly to a frequency generator and then test each other's hearing range. Back then I could make it up to about 25KHz. The kid with the best hearing in the class could make it up to about 28KHz. In fact, almost all of the kids in the class could hear above 22KHz. The only adult we had a chance to test was the teacher of that class and he was an Air Force avionics electrician, so his hearing was fried by working around around jet engines for years.
it's a myth that CDs were designed to cover the full range of human hearing, they were only designed to cover "most" people's hearing range, not the extremes.
So there are potentially audible differences with the higher resolution formats for people with above average hearing. However, most people might not consider that an "improvement" just like most people prefer darker speakers to brighter speakers, because the brighter speakers tend to be "more fatiguing", even though the brighter speaker is often more "accurate".
Anyway, like I said before, the real advantage of these audiophile formats is that they're currently being produced by people who truly love music and don't do nasty things like squeezing all the dynamic range out of the recording.