I recommend pretty much everyone avoid fixed point and other float alternatives, barring exceptional cases after you've done your own numerical analysis, or you lack floating point hardware (rare these days).
Yes, fixed point can use simpler hardware. That's also a completely irrelevant consideration for software. The vast majority of processors are optimized for floats now and some operations (e.g. division) are actually faster.
The precision argument also falls apart. Any float with mantissa >= X+Y can get exactly the same results as a QX.Y fixed point. The float will actually perform better across the same range because you have to round it to perform like the fixed point. That means more precision, lower error, automatic normalization, better overflow behavior, a larger working range, etc. And it'll probably be just as fast, unless you're bottlenecked on memory bandwidth of inputs (unlikely). When you inevitably want an exp() or another special function, it's a heck of a lot easier to call libm than implement your own and it will perform better.
Floats are also much easier to get right for your coworkers that aren't numerical analysts.
Yes, fixed point can use simpler hardware. That's also a completely irrelevant consideration for software. The vast majority of processors are optimized for floats now and some operations (e.g. division) are actually faster.
The precision argument also falls apart. Any float with mantissa >= X+Y can get exactly the same results as a QX.Y fixed point. The float will actually perform better across the same range because you have to round it to perform like the fixed point. That means more precision, lower error, automatic normalization, better overflow behavior, a larger working range, etc. And it'll probably be just as fast, unless you're bottlenecked on memory bandwidth of inputs (unlikely). When you inevitably want an exp() or another special function, it's a heck of a lot easier to call libm than implement your own and it will perform better.
Floats are also much easier to get right for your coworkers that aren't numerical analysts.