I record on 24bit 96k
Why?
1. It's the max my soundcard supports

(delta 1010)
2. Saves a lot of time with mastering.
The dynamic "feel" is much better.
If I record directly on 16/44 somehow
it just get's muddy very fast if there
are a 6 or more tracks.
Don't ask me why as I am by no means technical.
An interesting observation though;
I don't know how you would compare analogue cassette decks in bits but the max was 16Khz.
If only recorded a few tracks somehow there
is plenty of dynamic feel left if transferred to digital while I did not expected this due to the low specs of the cassette tapes.
I observed that when transferring old cassette deck recordings to harddisk which I then mastered. (I pre-mastered before removing the tape noise in this case.)
Maybe Ed has an explanation?
Fred