That's right Mike. That's also why Carl is hearing something, even though it sounds bad. SB is doing a rough 'downres conversion' on the fly, reading every other sample, or trying at least, or maybe not trying so hard?
I always thought 24 bit was impossible on SB, only allowing 24 bit total. 16 for music and 8 more for volume control to the DAC. But apparently that's not true if 24/48 plays with VC active.