Tim's right. I pretty much save my raw files as 16 bit as a matter of course, whether there will be lots of edits or not. The consisitancy adds speed to the process. I have actions in PS that flatten and output 8 bit jpegs for the web, regardless of how much editing was done. Sometimes, though, if I need a picture fast, I will output a 8 bit jpeg directly from ACR, and print it. It all depends on how quickly you need the print.
BTW, tim, I see you have fallen prey to the "Red Hat Avatar" virus. Very nice, Happy Holidays!