There was a 3 year period from 2002 to 2005 that I used 88k for a few dozen projects and I really regret it, I will explain...
Firstly, most of us have enjoyed many of the added bonuses of 24 bit and 32 bit depth data recordings. Obvious to some, not to others, the greater resolution in "levels" (the bit depth) give our machines more numbers to work with... more numbers mean faders that don't overload very easily and effects plugins that sound closer to the analog counterparts. Those reasons alone, IMO, are good enough to record all sources at the highest bit depth possible since hard drive space is not as much as an issues as in the past.
That being said, 32-bit, my favorite bit depth for all of my Cubase VST/32 projects... now has caused a small amount of grief for the past 4 years when moving many projects over to Logic Pro. Logic imports them, they play, but do NOT produce audio... it seams logic's max bit depth is 24, so you must all convert 32 bit files, not a huge deal, but a inconvenient. Most DAWs (if not all) will be very happy with files that have 16 bit and 24 bit bit depths in the same project...
as long at the sample rate if the sameNow, back to my original regret, it was not apparent at the time of creating these 88K sample rate projects, that other material may need to be added later.... like that really cool shaker loop that added so much to the groove of the track. Now remember, mixing sample rates, unlike bit depths, is another story... obviously depending on the sample rate you pick for the project, the files that do not match your project sample rate will playback at half speed, double the speed, of if you mess with 96K then a fraction there of. So without discussing all the possible variables of project sample rates mixed with different audio source file sample rates... I recommend against 88K or 96K for most of us, I will leave you with this advice...
If your DAW is a glorified tape machine and you do NOT plan on adding outside material (loops, samples, etc.) and you are going to mix with mostly outboard gear, then by all means go for 24bit/96K, but remember, if you can't get a "good sound" at 16bit/44k, don't bother recording 24bit/96k.
Now, like most of us, if you plan to add other things later (even if you don't realize it now); stick with 24bit/44K. all good quality libraries will integrate easily, you will have plenty of headroom, and internal FX and mixing in the box will be simple.
Conclusion: 24Bit/44K for me

PS: One last note, these days I do not records my tracks as "hot" as in the old days. If there is very little noise in the original recording, then a lower lever is better than a strong signal that has a single overpeak and produces a click. In seams that the summing of 24-bit tracks is extremely efficient and that 16 or 24 tracks recorded at a lower "safer" volume, produce amazing results.