Hi all.
I have found that a higher bit rate makes a noticeable difference in audio quality so I always record in 24 bit.
I do any editing, rendering, fx, looping etc., in a higher bit rate often either 32 or 64bit and I use the double precision 64bit audio engine in SONAR.
This does require dithering at export. I use powr 3 mostly, with powr 1&2 used also when appropriate.
Using the default triangle preset is an older method that is not used in professional studios any longer because it has been improved upon by Powr, Radius, Apogee (UV22HD) and others.
I feel that I can hear a clear difference between files recorded at 16 and 24bit, and files recorded at 24bit then dithered to 16bit. The latter still retain an improvement over 16bit recorded files.
Differences in sampling rate are more subtle. Yet there is a known qualitative difference the higher you go in sampling rate. This has been documented by many experts and well known audio engineers.
44.1khz and it's multiples, 88.2, and 176.4khz, are used for music which will mostly have final distribution to the public in CD form. The Higher multiples of 88.2 & 176.4khz are used rather than other sample rates because of their ease of sample rate conversion to the final sample rate of 44.1khz.
Most other audio media distribution, including video and internet, are typically finished at 48khz. Often higher sample rate multiples (96 and 192khz) are used to record with for these formats, and are then down converted to the 48khz sample rate.
By the way the idea that 48khz is better than 44.1khz, and the reason these frequencies are used in digital audio is because of the Nyquest theory. Google it, or look it up somewhere. It's important !!