Software Defined Radio and HackRF

I am going to supply my first reply here. Are there any radio / data conversion experts out there? Here is what he gives as HackRF project goals:

•transmit and receive
•operating frequency: 100 MHz to 6 GHz
•maximum sample rate: 20 Msps
•resolution: 8 bits
•interface: High Speed USB
•power supply: USB bus power
•portable
•open source hardware and software
•low cost

OK, it all makes sense to me. But one question, how can a 20Msps 8 bit ADC/DAC be sufficient when working at these frequencies? That's all it takes? I wonder if you could do more with some of the (admittedly more expensive) faster high resolution ADCs on the market. There are 16 bit ADCs now with 100msps data conversion rates or faster and obviously far faster 8 bid ADCs. How can this be enough? Thanks.