Yep 8bit fine for viewing, not fine for heavy editing.
The colour space comes down to you. What will you view it on, who is your target audience. If you are showing the photos on one and one only monitor then it depends on the gamut of the monitor. Wide gamut screens are approaching the sub $1000 market. If you intend to place them on the web it's a matter of tradeoffs. For the few people who use Safari to surf the web (IE doesn't support colour profiles, and firefox has them disabled by default and it's not trivial to enable), is it worth for the 0.1% of the world to see the photos that tiny bit better only to have the other 99.9% see them look like mud (literally skin tones go dark brown with incorrect AdobeRGB -> sRGB decoding).
Also as someone who uses both the AdobeRGB space for my workflow (rarely for saving though), and who has a wide gamut monitor, let me assure you you are not missing much at all. I think I have shot a sunset, once where the AdobeRGB space actually made a visible difference, but unless I actively increase my saturation, nearly all of my photos don't benefit from the wider gamut, at all, not even in theory.