I've usually seen the dynamic/animated bone data represented as a 4x3 (or 3x4) matrix containing rotation/scale/translation transforms relative to the bind-pose.
Also, think about it realistically - if your model comes at 24 FPS, then multiplying it by 2 will be enough for any human. 100 keyframes per second will give you smooth slow motion, which you very likely won't be needing.Where does the magic number 24 (or 48) come from? ;P
What dpadam450 means is that the only genre in which you will realistically encounter a large number of models that need to be animated individually is an RTS games. In a general case you'll have 10 models tops running around at one time, which is a beeze to animate on the CPU.
[/quote]Modern FPS games often have ~50 characters on-screen at once
I'm doing a sports game at the moment with 30 characters, each with 60 bones, and who all have multiple different animation sources blended together unpredictably and IK applied on top -- the whole skeletal update part is still fairly cheap and only takes up a few milliseconds.
I'd personally just implement it in a way that is easily understood first (especially if I was fairly new to skinned animation, which admittedly, I am) and work on writing a more optimal version after I got the basic one working if it actually turns out to be performing badly.