I think alot of people seem to start with everything maxed (96, 192 or whatever their computer will go upto) then over time eventually realise that it just isnt worth the hassle and slowly fall back down to 48 or even 44.1 because then the PC/Mac can handle so many more channels and is generally alot less stressed.
Most of you digital sounds sources are probably 44.1 anyway at best (digital synths). Theres quite a few outboard processors that work at 96 which is maybe useful with EQs and Enhancers, but no big deal for most fx processors.
I run Cubase SX and everything in the direct digital chain at 44.1 these days - its just so much easier and everything just works reliably - if some dodgy plugin does happen to sound noticeably crap at this sample rate - then fine - Ill use something else.
Also until the sound is in my mixer (which effectively means computer as well) - I use analog signals everywhere - its just easier and consistent and patch bay friendly. Noise isnt an issue with careful wiring. Someone once commented "oh yeh cool - for that extra 'analogue warmth'". Im just thinking FFS...! No not for 'analogue warmth' - its cos it just works and no interconnect issues
I have a friend who runs a commercial studio - his approach is pretty much the same except that they dont track direct to a computer - instead track to multi-track hard disc recorders then upload to computer. The extra step is just because hard disc recorder tend to be guaranteed to be glicth free - computers aint. Incidently - those hard disc recorders are probably running at 44.1.