it's a little more complicated than that, obi....
those 8 bits translate into 256 unique amplitude points that a 24 bit interface has for every amplitude point that 16 bit interface has -> a 24 bit interface is 256 times as accurate in its representation of a waveform as a 16 bit interface.
What the above misses though is that the DACs and ADCs - the devices that convert your sound from digital to analogue and analogue to digital - are respectively 24 bit or 16 bit - this can make a great deal of difference in the perceived smoothness or chunkiness of the final sound. Add to the bit depth the sampling rate(s) your interface is capable of and you have a better picture of the possibilities