I actually did some measurements on the sgtl5000 on this topic. It is on my own board, with some circuits in front of the codec. Just to get a wider dynamic input range(for guitars/bass). But the important thing is not the absolute value of the measured noise(which is my main goal to get as low as possible), but the difference between the settings.
I tried the latest library from chipaudette (tympan) with the floating point library. Changed the SGTL5000 driver to send 32 bits data and compared the following:
16bit -44.1k Fixed Point(standard audio lib)
16bit -44.1k Floating Point
32bit-44.1k Floating point
16bit -96k Floating Point
32bit-96k Floating point
Basically all the 44.1kHz looked similar and the 96k had about 2-3dB lower noise floor. I did not see any difference between the 16bit /32bit settings...
I tested the 96kHz on the standard library, but for some reason it got a lot worse. But I did probably something wrong in the setup..
As mentioned by others before, the powersupplies and layout has a HUGE role in getting below the noise level that is required to get any value from the extra bits.
I have made a new board with isolated power and the AK4558 chip. Have not measured it yet, but I can hear the improvement.
The sgtl5000 has a lot of features, but they can mess things up too. Remember to disable the sgtl5000.adcHighPassFilterDisable(); That helps a lot!
Anyway, here is the graphs. Don't mind the THD numbers etc.. Look at the graphs and compare.