Are you sure it's clipping? True clipping in any red book audio is extremely rare, like non existent. And even when it does happen, it's usually due to a bad disk. What most people confuse as clipping is just excessive loudness war era (sound) compression, which became all the rage once people started listening highly (data) compressed audio files through cheap low impedance ear buds. But this shit really starts to stand out when listing through higher impedance (like anything over 100 ohms). The thing is, there are things you can do make it at least sound a little better--though it's really about as effective as spying Lysol over a really smelly fart.
Really, I think 24/192 is going to be a plateau. Anything beyond that gets into the realm of being purely academic because there's so many other variables to consider. And that's not even considering the whole debate over what the human ear can and can't "pick-up."
As for the compression, I think the better lossless formats are good enough. We even have the infrastructure support to deploy it as the primary streaming source should the market demand ever arise. Unfortunately, I don't think enough people care.
And for my money, reel-to-reel will always be the best audio format for quality. The problem is is so terribly impractical. Truth be told, in terms of quality vinyl is a pretty poor medium. Hell, I would argue that a brand new cassette sounds better than a brand new LP. The obvious caveat there is, that advantage the cassette has is gone after you play it once. (And of course, you need a high-quality deck with a properly maintained motor and meticulously cleaned heads.) Most of what makes vinyl so great is inherit in its culture.