I agree that the TrueTape sounds great. I played with it a bit to get the sound I prefer for my vocals and once I got it dialed in I have to say it's the closest to getting that analog sound that I was looking for.
Ashura, I know I read in the manual that you can use it even if your just doing 16 bit recording. I can't remember how it works around it, but the manual said you can use it in 16 bit. I don't think it would take up any more CPU usage than any other effect would, as a matter of fact once you recorded with it, it is burned with your track and can't be undone so on playback it actually uses less CPU than the other effects do. Personally I find that to be the biggest drawback to it (that it is burned with the track in the recording stage) because I like to play with how my tracks sound. Sometimes you add all the tracks together and a track that sounded great before, suddenly needs some adjusting because of the new overall sound of the whole song.
Minor gripe for what it does to my sound though.