KennyR, Most Floor Guys wouldn't go over 120. If you are using an orbital sander just make sure that you don't have swirls in the floor. With a good machine, you should be able to accomplish this without having to go up in grit. If you have gotten down to the bare wood by using "rocks" a.k.a 36 grit, I would imagine your floor is pretty rough. It may take some doing by going through your grit progression 50-80-120 but again, I wouldn't go over 120 on the floor.
If you are staining, I certainly wouldn't go up over 120, especially if it is Oak, and you are indeed staining the floor. Historically, the higher grit screens and abrasives are for the finish.
If staining, use the staining as a "sealer" then you can apply the two coats of finish. If not staining, use a sealer first. Sealers flow better and give you that good base.
Timmy C