In cubase when working I use 48 KHz and 32bit float. If you test it you cannot go into the red in cubase at lower bit rates such as 16 and 24 without digital distortion. At 32bit float you can go into the orange and touch the red without any distortion or digital clipping. You have much more headroom and you can make the mix more dynamic!
On mixdown I mix to 24bit 48 KHz most of the time!

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P4 3.6Ghz, RME Multiface, CubaseSX3.1.1+VST's, Virus TI Polar, TR909, TB303, Moog, EMS, Waldorf, Kenton pro2000.
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