Why would it not be? At 16-bits as long as it's not stuck at a single quantization level it's probably going to be audible (at least in good conditions and when not masked by louder signals).
That said, I would like to point out that thinking in terms of 1 lsb here is not terribly helpful, because we don't hear time-domain waveforms, but rather frequencies. When flat TPDF is applied the noise floor in spectral domain is around 112dB below that of a full-scale sinewave and anything above that can be represented just fine. With noise shaping you can gain even more dynamic range in selected parts of the spectrum, at the cost of losing it elsewhere.
While you're probably technically correct, this makes very little difference in practice.2) the peak level of a 16bit wave file in the positive excursion is 32767 so why are we scaling the dither signal by 1<<15 (32768) and not 1<<15 - 1 (32767) ?