Well, 14bit is certainly better than 8bit, but "good quality" in absolute terms is stretching it...
Not when you use a proper 14 bit calibration file with a properly down sampled 28000 Khz 16 bit stereo wav. That
does sound good. It's absolutely essential, however, that you start with a high quality source, and down sample to 28000 Khz with a program such as Sox (Windows). Sox down samples properly, and in combination with said calibration file (CyberSound) the quality is definitely good (
much better than you'd expect). Uncalibrated and/or no good down sampling doesn't sound so good, of course.