Just to make it easy:
Bit depth (24 bit instead of 16 bit) does make a very big difference
when you have to do effects and or processing (filters) after the
recording (regardless if this recording was originally only 16 bit).
Your final 24 bit track is what you should save.
When you want it on Audio DVD you are ready.
When you want it on Audio CD, the change from 24 to 16 bit will
apply dither.
Sample frequency has less direct audible influence, but it is better
to do your recording and editing at the highest sample frequency, if
you are planning to do effects and or processing (filters).
For further (simple) explanation:
(1st big link, yahoo will cut this:)
http://www-
camil.music.uiuc.edu/classes/464/HS_and_digitize_media/basic_dig_audi
o_concepts.html
(2nd link, also cut by yahoo)
http://arts.ucsc.edu/EMS/Music/tech_background/TE-16/teces_16.html
In theory, the high bitdepth and samplerate are superiour sounding,
but it does tax your recording device: if you record on HD, or PC,
it will tax your CPU and storage.
(I qoute D. Bellingham's Audio workshop book:)
16 bit 44.1 kHz : 5 MB per mono minute
20 and 24 bit 44.1 kHz : about 7.5 MB per mono minute
So if your device can handle it, go for it!
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