Do keep in mind 96 dB is only the theoretical dynamic range of the CD medium, 99% of recordings utilize way less. (Besides, you'd be in pain if you cranked up the volume until you had 96dB of range above your hearing threshold, anyway)

CDs also eliminate wow & flutter (which ought to be pretty much inaudible on a decent deck, probably less so on an el cheapo grande walkman), which probably does more for (experienced) audio quality than high dynamic range.

Oh, and better high frequency response, for the young ones. :D