serato does not support anything bigger than 16 bit (although the SL2/3/4 61/62/68 might - not entirely clear).

if you're producing music tho, you're usually better off bouncing down in 24 or 32, applying your mastering/limiting chain and then bouncing down to 16 to play in serato.

i would render to 24/48 AIFF. then convert to 320 mp3 with Audacity or something similar. the AIFF file can then be deleted.

your sample rate/bit depth is most important during the creation process. you should always set this up before you start. and what is available is determined by your sound card. 24/28 is what i recommend. anything higher is waste unless your recording a full orchestra.

i always do my projects at 24/48. although i have done some at 24/96 and 24/192.

Global Sample Rate is set in Preferences>Audio>In/Out Sample Rate
Global Bit Depth is set in Preferences>Record>Bit Depth

Guys, thanks for your input, I'm always working with 320 mp3 files in ableton. So considering this, what would be ideal? Does 16 / 24 make any difference if this is the case? I've got a gut feeling that if I'm working with 320 mp3's then 24 bit would be redundant, but i'm kind of seeking confirmation that this is indeed true.

At the moment my settings are at 24 bit and 88200. This is the highest it can go without showing up as corrupt in serato. At these settings, my waveforms are very dull and colorless. I'm thinking I can go lower - which will give my waveforms color. So can you give me an exact setting? Where I won't lose quality?

88 will give you larger files and no benefit. settings above 48 are only effective when recording sounds that have a wide dynamic range like orchestral, dolby, or scientific purposes. for all other genres of music 44 and 48 has plenty of headroom.

my recommendation is to record at 24 bits/48khz. this format is great for mastering/quality. going to 320 mp3 any loss of quality will not be audible. and if someone says that they can hear the difference either they are lying or have ears of a dog.

thanks nyce! thats exactly what I was hoping to hear :)