I always record in 24-bit if I have the option. When recording live music, it allows for capturing peaks without clipping, while keeping the average (and even the low-level sounds) out of the "mud" (noise floor). And when recording dialog (even scripted dialog) for video production, having that headroom is very beneficial for coping with unexpected passion from the actors (especially amateurs).
OTOH there is ongoing debate even in the classical music field (which is most of my recording) about whether to compress or artificially manipulate the dynamic range for release mixes. Almost nobody sits in their nice quiet, acoustically-favorable room and listens to music through good speakers anymore. Probably even for classical, the majority of people are now listening while commuting, exercising, etc. on little ear-buds of questionable quality. Something is completely out of control when rappers (i.e. "Dr. Dre") are setting audio standards. No thanks, Dr.D.
Of course, if you look at the loudness envelope of most "pop" music (especially hard-rock), it practically looks like noisy DC. It has the very life compressed out of it. It looks like you ran a steam-roller over the waveform several dozen times.
The sample rate for CDs was set at 44.1K by Phillips and Sony, but modern release media (i.e. MP3) make that sound "pristine" by comparison. Film and video production is traditionally done at 48K, and for special effects and things we know are going to be subject to post-production manipulation, 96K sampling rate is often recommended. Of course it is down-sampled to 48K for the final mix.
I submit that SACD never achieved any traction because almost nobody can actually hear the difference between 44.1K and 96K sample rate, so the cost/benefit seems significantly negative.