taken from photoshop's help page:
A 16-bit-per-channel image provides finer distinctions in color, but it can have twice the file size of an 8-bit-per-channel image. In addition, only the following Photoshop tools and commands are available for 16-bit-per-channel images:
*snip
Basically, the 16bit has better color distinction, but at up to twice the file size. As of version 7, you could only use a few of the tools available in photoshop to edit 16bit images, so 8bit images have the advantage of being more malleable. I understand Photoshop CS removes this limitation, and allows full editing of 16bit images, yes?
interesting...
ciao,