Keep in mind the human ear(s) can differentiate very minute shifts in localization at a broad range of frequencies.
Indeed, I think that's closely involved. From the link in my previous post:
"A second explanation that may not necessarily have to refute the 20 kHz hearing limit entails engineering details slightly beyond the scope of this class. A well-respected high fidelity digital audio company, dCS, has published a white paper describing the engineering issues involved with reproducing high-sample rate material and standard sample rate material. Due to what is called the Gibbs phenomenon, typical sharp anti-aliasing filtering for standard 22 kHz sample rate material as is necessitated by the Nyquist theorem results in a ringing transient response. The energy contained in this transient ringing "smears" or "defocuses" the sound, impairing the ability to localise sounds.
Higher sample rates mitigate this problem. dCS produces an ultra high-end upsampler and DAC that converts standard 16 bit/44 kHz CD material to interpolated 24 bits at 192 kHz, improving the sound by all subjective audiophile criteria - air, soundstage, imaging, ease - to no end. Given that there is no real information being added to the signal, the engineering explanation dCS offers gains credibility."
[edit:] @bitflipper
Yeah, I got lucky - has a few interesting links down below as well - my weekend's GONE already
[edit2]