Most professional studio's record at 24bit/96kHz and so do I. I'm also running everything in 64bit, Win7 and X1. And I also use the 64bit double precision engine in Sonar as well. It does make a difference no matter what anyone tells you. And with the speed of today's cpu's and the size of hard drives and the cost of ram, there is absolutely NO REASON not to run at the highest rate possible. And yes, I dither down and convert to mp3, but it's also at the highest rate possible. Ever heard of Garbage In/ Garbage Out? Same principle.
A whole completed project with lots of tracks, audio and midi, with no tracks frozen, and my cpu is only at 45%.
A few years ago this wasn't possible on a small budget, but today anyone can do it. Some will argue about the merits of 24bit/96kHz, but those arguements do not hold up anymore. CPU is not an issue. Hard disk space is not an issue. So why not run at 24bit/96kHz? I just don't understand the resistance to it. And it sounds fantastic to me. I will never go back. I'm just in my bedroom studio, but I try to think and act like a professional studio, because one day I will have/use/own one and I will be ready.
Hell, man, this is the year 2011! Step into the future. Or at least the present. 16bit/44.1kHz is so last century.