The sampling rate you should use will depend on the final output. For example, if recording for a CD production, record at 44,100 sampling rate and 16 bits; however, if recording for DVD production, record at 48,000 sampling rate and 24 bits. Should the final production output not be known at the time of recording then we recommend recording at the higher sampling and bit rate which will allow for down-sampling later if needed. It is better to have to down-sample than up-sample because of possible aliasing problems.
IMS recommends recording at the higher sample and bit rate unless you have limited storage space; then you might want to consider recording at the 16 bit rate. IMS now recommends recording at 32 bit rate when available or the highest your device will allow.