(My new hideous color for the day)
Just to clarify, while 16-bit is what you normally want and I can not think of a good reason why anyone would want 12-bit, it should be noted that 16-bit is not a sure fire way to avoid audio sync issues. At least not in my own experience. I have found some instances where even at 16-bit, I still get a slight sync issue towards the end of longish (1-hr) projects and still resort to extracting all audio in an iMovie project before going back to tape or to iDVD.
Patrick