Look PC-Engine, it is well known that no display currently on the market can produce the gamut that the human eye sees. This is scientific fact, and the work that the ICC did since 1931 is based on this fact. This is basic computer graphics theory. You can go out and buy a colorimeter or photospectrometer and do the tests yourself to prove it, and after you measure the range of an LCD's gamut, you'll see that it doesn't come close to matching the human gamut. No display can match the eye's color space. You are totally misunderstanding the problem by looking at RGB or how many pixel variations you can display. It's totally irrelevent.
The 16 million color argument is an urban myth. Let's say that the eye is capable of seeing colors from 0.0 to 1.0 on a real line. Your LCD display may be able to reproduce colors from 0.2 to 0.7, and it may have extremely fine detail between those ranges (say, 16 million different colors between 0.2 and 0.7, each color spanning 0.5/2^24 interval), but it misses half the colors the eye can see. In truth, the eye might not even be able to see more than 7 million distinct colors, but the colors where the LCD is concentrating all of it's resolution in are wasted, because it's a small range.
An LCD could produce a BILLION shades of red alone (let's say, 32-bits for red, 32-bits for green, and 32-bits for blue) and you'd still be wrong, because all 4 billion shades would be in a narrow range.
The eye's color system might have less resolution (but greater range) than a typical 16 million color display, but the eye's luminance system has way more resolution and range. Human beings have been tested to be able to detect less than 10 photons, which is extremely dim light, and they can also see in extraordinary bright light that would way overexpose any camera, even if it's been stopped down and set to 1/4000th of a second exposure. Of course, the usable range is well over 10 photons (overwise, we wouldn't need military night vision), but the overall range blows away any display.
You think any display on the market can even begin to approximate (via say, showing you an image) that compares to your experience in a dimly lit room or moonlit night? No low light scenes on an LCD have I ever seen even get close to the rich creamy shadows of a candlelit scene.
BTW, here is a color gamut comparison of LCD vs OLED. LCD is the solid center, OLED the mesh