Record as hot as possible without clipping, -3dBFS peak is smart, you want a hot signal because you get better dynamics since there are 6dB of dynamic range added for every bit.
ie:24 bit=144dB of dynamic range, since there are 24 quantization points per sample, more than the human ear would ever know, but it's more accurate.
16 bit=96dB of dynamic range, since there are 16 quantization points per sample, again more than the human ear would ever notice but accuracy on the front end will assure and ensure a better sounding mix at Red Book CD quality.
If you record a low level and normalize later, then you'll have less quantization points as you expand the dynamics of the audio making it a more square wave volume shift, which may be noticed later but it seriously depends on what you doing as audio is different for every project.
What do you guys think? I might be off.