It's overkill, yeah. But I'm paranoid and vinyl's analog (thus a higher resolution than CD), so I wanna capture as much of the sound as humanly possibly. The 24-bits, though, is what matters the most, because that actually can be heard if your ears are tuned up. The sound can seem more alive and less "closed off," for back of a better term. Down sampling to a CD's resolution can suck some of the life out of some recordings for me. Then again, 44/16 is usually just peachy for most people. You've gotta be pretty anal-retentive to hear the difference in bit-rates on a lossless recording.
I recommend recording at a super high bit rate and then converting it down to 44/16 instead of recording it straight to 44/16, though. Your software should actually do a better job of converting the analog sound to CD resolution than your hardware can.
Also, anyone that's needledropping needs to check your levels. You want your recording to peak at -1db to keep all the dynamic range intact (though if you record too low, peaking below -6db, you'll actually lose sound information). If you crank the volume while recording, you'll end up with a waveform that looks "brick walled" and sounds way too loud and just plain terrible.
And I'll go ahead and change my tune slightly on USB turntables - they're probably perfectly fine for most people's ears. You can severely improve the quality by upgrading, but that's probably more of a cost than you guys are willing to pay. Just do me favor - DON'T re-EQ the recording when it's on your computer. It was equalized correctly by the mastering engineer the first time around. It doesn't need more treble and bass (the dreaded "smiley face" EQ). Also? DON'T use noise reduction filters. They introduce lots of digital artifacts and can make your recording sound like it's in a fish tank. Just get used to the sound of the vinyl underneath quiet passages of the recording.
(Declicking, however, I'm okay with. Just don't let your declicker go too nuts, because it'll take the top off of the brass and percussion.)
Oh, and one last note before people start to hate me even more: CLEAN THE VINYL. You probably can't afford a record vacuum, but even a simple scrub with a mixture of alcohol & distilled water (possibly with some dish soap) will do wonders for the sound. Google "cleaning vinyl records" and you should do okay. Way too many people think that pops, clicks, and crackles are just "the way records are supposed to sound." Bullcrap. Take care of them, and like I said before, they'll beat the pants off of most CDs.*
* Except a lot of Disney recordings, because - as noted earlier - Randy kicks butt.
EDIT: Forgot to mention, like with any sound on your computer, lossless is the way to go. FLAC is your friend!