I ran some tests a while back.. Just ran'em again. Of course you'll get different test results using different test files.
Basically, the final size difference between the default 5 and the max 8 is less than 1%. But 8 takes 7X longer. Between 5 and 6, the size difference is only 0.07% and 6 takes about 18% longer.
I ran the test against a 16/44 wav and a 24/44 wav. The 24 bit file did not compress as well as the 16 bit (about 30% vs. 51%, respectively). Otherwise, the 16/24 numbers seem fairly comparable.
16 bit file, starting size 330,403,840
LEV: 5
31.19s seconds
flac size: 162957138
LEV: 6
37.54s seconds
flac size: 162834343
LEV: 7
156.70s seconds
flac size: 162491940
LEV: 8
217.02s seconds
flac size: 162277522
24/44 file, starting size 495,599,704
LEV: 5
39.76s seconds
flac size: 346824273
LEV: 6
48.38s seconds
flac size: 346717536
LEV: 7
174.29s seconds
flac size: 346417577
LEV: 8
234.39s seconds
flac size: 345927101