politely disagree, you might want to be able to shift / scale the sampled CV value, and such operations will burn bits. (say for example you want to map [0, 2.5V] to pitchbend [0, 16383], you lose 2 bits from the sample resolution.) i think 16 bits is a good sweet spot for price / selection.
if you can’t do any transformation of the captured signal then i agree with your statement, but seems like a bummer limitation for a programmable device.
re: oversampling, it is true that you can do this. but in general i would not recommend it as a first strategy for something implemented on a microcontroller.
things to consider when designing an oversampled system:
- for each additional “effective bit” of resolution, you must oversample by a factor of 4x. that adds up quickly.
- increasing effective resolution by oversampling reduces overall throughput by the oversampling factor! this is a big deal for a MIDI device.
- a good averaging filter is not going to be cheap, and it will add additional latency beyond the oversampling factor.
- this trick only works if the noise source is stationary and uniform. that’s often a decent assumption, but sometimes it’s not, and sampling arbitrary CV definitely exposes you to the edge cases.
so on balance i think it’s almost always better to simply get a higher-order sigma-delta ADC that effectively does this stuff in silicon with far greater efficiency.
all that said, i think @Galapagoose has the right of it: just try with what you have first, likely it is perfectly adequate for your purposes and you will never actually notice whether the pitchbend is 12b or 14b or whatever. if sampling resolution turns out to be a critical parameter, then the next engineering decision is whether it makes sense to integrate additional hardware, or attempt a software solution.
there’s no one-size answer, in part because getting a random external converter to work with your uC of choice could be a rabbit hole with dubious benefit, and like @tehn says it opens up several non-trivial engineering problems.