I scan 16 bit grayscale TIFFs, do any required levels adjustment and cropping, and then downsample to 8 bit TIFF at the end. I then apply USM and save as JPG for web use, and keep the TIFF for printing.
I have directly compared images scanned at 8 bit to those scanned at 16 bits and later converted to 8 bit, and with my scanner (Epson V700), the differences are subtle, but apparent. I don't scan colour so I don't know whether things are different there.
I don't scan to JPG because, even at highest quality, I can't see any compelling reason for using a lossy format as my primary digital storage medium, no matter how good it is. Disk space is cheap nowadays, and I only scan a small fraction of my negatives anyway.
-- Ian