Well, 14bit is certainly better than 8bit, but "good quality" in absolute terms is stretching it...
I wouldn't agree. I used to have my Amiga connected to my stereo and used to play all of my CDs over SCSI via 14 bit audio. The quality was pretty good - with the exception of the CDs used to test audio gear, my audiophile friend could not tell the difference between the Amiga and a good CD player.
Considering how horrible MP3s sound, you're not losing anything at all by going with 14 bit Amiga audio over anything else.