Paul hit the nail on the head. If you are looking for a file that has everything you can get out of the film, then go with the 16 bit color depth. This will give you the most to work with. If you are looking for a file where the scanner operator (or worse, the scanner software) makes the decisions for you, then an 8 bit scan will be fine.
I've been scanning 4x5 velvia on a new Imacon 646. The resolution is eye-popping (as expected). But what is amazing is the tonal range--it is smooth and long--like, I don't know...you fill in the blank____. It is definitely superior to an 8 bit drum scan I had done before I purchased the Imacon. BTW, the 50 cents (or there 'bouts) per MB pricing strategy that commercial printers use for drum scans is obsolete. That strategy is from a time when it took a long time to produce a 100MB scan. I can do one on my scanner in 2 minutes of scanner/computer time. The cost is in the equipment and the set-up (cleanliness) and the same adjustments you would make for a 50 mb file or a 250 mb file. Side note: I was able to buy the Imacon because I told my wife I would recover some of the cost by doing scans for friends and I told the kids they were going to have to pay for half their college education. So I guess you could say it was financed with student loans.....hi ho.
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