In GarageBand 08, you have a quality preference setting - "best" will bounce in 24 bits, the medium one will record in 24-bit, but bounce in 16.
Another factor might be which versions you're using. GB 06 should sound significantly worse than GB 08/Logic 8, since Apple has completely re-engineered the audio engine for Logic 8 - in particular, the mixdown algorithms suck a LOT less than they used to.