They're not all that obscure, just uncommon in the PC space.
Basically it support fixed and floating point W at 16 24 and 32 bit resolution.
ATI don't support W and neither AFAIK do newer NVidia cards.
I don't know which modes in particular are used by which games, but I'd be stunned if someone wasn't using them.
Personally I'd always use W by choice over Z, but fp Z is pretty close to the same distribution.
Basically it support fixed and floating point W at 16 24 and 32 bit resolution.
ATI don't support W and neither AFAIK do newer NVidia cards.
I don't know which modes in particular are used by which games, but I'd be stunned if someone wasn't using them.
Personally I'd always use W by choice over Z, but fp Z is pretty close to the same distribution.