I know I'm late to the party but I'll put my .02 cents in since I only do video.
I do four camera mixes, with mini DV camcorders, (HD coming later). I have all the camera's set to do 48KHz audio 16 bit. All my camera's only do 48KHz, as my understanding is that is the default DVD standard.
I then run a separate audio rig, Superlux mics > UA5 > iriver
I set the UA5 at 48KHz, and use the iriver as a bit bucket.
I use Vegas Platinum 10 to do the editing. I just align the camera audio with the mastered audio track, and remove the camera audio. I do this for all four camera's. I have done well over 200 sets this way, and have never had any drift whatsoever. Once aligned the audio is perfectly in sync through the entire set.
Alignment takes me about 15 minutes for all four camera's. As you start doing it more, it becomes quick and easy because you can start to visualize the sync points.
Next month I'm going complete 24 track audio, so that will be interesting, but as my real only hobby ( I do make some $$), I quite enjoy it.
If you have any questions or want some tip feel free to PM me. I love talking about this stuff, as you can always learn something new no matter what someone's level is.