I venture not too many people even have 24 bit sound cards these days.
I have been following this thread with some interest, and just have to chime in. In particular this statement about not too many people having 24 bit sound cards. 24 bit soundcards have been available for several years now, and I would guess that most people have a 24 bit card unless they are running a fairly old system (over 5 years?). Heck, my first system from 1997 had the Echo Gina soundcard which was 20 bit.
The other issue is that you keep refering to doing the transfer at 32 bit float. I can not find any tech specs on your soundcard (it looks like it was discontinued), but there is no such thing as 32 bit converters (or at least in prosumer type computer soundcards). 32 bit float is an internal format used by processing in many audio programs to preserve the quality of the audio files during EQ, fades, dither, etc (I can not explain it completely, but it has to do with ensuring that the full 16 bit is preserved during processing). I think that there are also programs that have an internal 48 bit float now as well, but that may be limited to Pro Tools TDM systems (I am running Pro Tools LE but don't have the specs handy at the moment).
I would guess that at best your soundcard has 24 bit A/D - D/A converters, and may in fact only have 20 bit or 16 bit converters - do you know the specs of the card? Take a look at the Sek'd website to see that even their most current card is a 24 bit card, not 32 bit.
Actually, from my memory, when I was running the Gina 20 bit soundcard, the highest bit-rate I had the option to record at was 16 bit or "32 bit float" in wavelab or Sound Forge. That is probably why you don't see an option to record at 24 bit with your software - it is not a 24 bit card. I could be wrong about this, but it is worth looking into.
I would suspect that what Scott Brown suggested is what is happening here - the S/PDIF output of the 722 through the soundcard is adding some color that you prefer, which may actually be truncation of the 24 bit down to 20 bit or 16 bit.
Take care,
Tom.