"IEEE-754 (which defines the exact format of single/double precision
floating point values as used by most systems) uses 24bits for the
significand, which will correspond to 24bit fixed point around the
values +-1., but will already correspond to 25bit fixed point around the
values +-0.5 and so on."
I'm not sure if I got this, but this is the kind of information I'm after.
It's clear to me that the resolution for audio streams sent from pd (with values between -1 and 1) can't be considered as "32 bits". My guess is that it'd be more like 24 bit precision or around that, considering most top notch audio cards only deal with 24 bit audio.
Does your answer state that audio in Pd is 24 bits?
Obviously, the actual resolution depends on the audio card. Which also makes me wonder how does the downscale/bit reduction work if, say, it's only a cheap 8 bit audio card, or 16 bits. I assume it's up to the audio card and audio driver, not Pd at all.
Cheers