One of the advantages of 48 kHz (and especially 88.2 or 96) is that it reduces distortion and audible aliasing. To understand this, an explanation of the Nyquist frequency is necessary. The Nyquist frequency is the highest frequency that can be represented by a particular sample rate. Since the minimum number of samples required to represent a single frequency is two (one positive and one negative turn) a 20 kHz frequency would need at least a 40 kHz sample rate. We use sample rates such as 44.1 kHz because its corresponding Nyquist frequency is 22.05 kHz, roughly the upper threshold of human hearing (at least during early childhood).
So if 44.1 kHz completely covers the range of hearing, what’s the problem? As a waveform approaches the Nyquist frequency, it is represented by fewer and fewer samples. Graphically, it begins to resemble a staircase, and at the Nyquist frequency itself (remember, only two samples) it is a pure square wave. If you’ve heard a square wave before you know how harsh and distorted it sounds.
Also, frequencies above the Nyquist frequency cannot be correctly represented (because the sample rate is not fast enough), so you end up with incorrect samples mixed in there that don’t belong, creating phantom noise known as aliasing. Typically, low-pass filters are used to eliminate data above the Nyquist frequency before they are sampled but this is a gradual roll-off, not a brick wall filter.
So even though a 44.1 kHz sample rate includes all the frequencies we can hear, the quality of the upper end of that range progressively degrades. This is the range where the sizzling upper harmonics of instruments such as cymbals and muted trumpets reside. Just ask any audiophile about the high-end response of vinyl versus compact disc. Most of us have been exposed to enough rock concerts and power tools to have permanently numbed that part of our hearing, so we don’t really notice it. But when you consider that distortion is fed into each DSP effect you use and included in every calculation when channels are mixed, it gets distorted further and processed into all sorts of unexpected artifacts, thus amplifying the problem. By using a 48 kHz sample rate, we’re shifting all of that chaos up and out of the range of human hearing. That’s why it’s so difficult to discern the difference between 44.1 and 48. What you’re listening for is the absence of artifacts that occur near the Nyquist frequency, not the inclusion of higher frequencies that a typical human can’t even hear.
If you start with 48 and stick with it throughout the tracking/mixing/mastering processes, you will avoid the unwanted artifacts inherent to digital recording. But if you’re eventually downsampling it to 44.1 kHz for CD, does that negate all the measures you’ve taken to preserve the quality up to this point? I’ve heard one of my professors propose this argument but I will unashamedly admit I don’t hear it, and I don’t know anyone else who can. Ultimately, any degradation is probably more due to the quality of the anti-aliasing filter used prior to downsampling rather than the uneven relation between the two sample rates.
Then again, I’ve got a bit of tinnitus due to a rather unsportsmanlike paintball gun maneuver, so bear in mind my advice tends to be more theoretical than practical.