Effectively yes, but you have to remember to warp the fragment depth using e^(c*depth) as well. Furthermore as described in the paper you can also use the "negative" warp -e^(-c*depth) in conjunction to avoid some more problems (i.e. store 4 components total). [Edit] I can post some code for this if you guys want... it's neither hard nor complicated but probably easier to understand in code than otherwise.
But you can cut that down to 4 shadow passes with GS-cloning or instancing. If you're gonna do silhouette extraction on the GPU using GS, you have to give the same benefit to the shadow map algorithms.
I'm not 100% convinced of how "efficient" it is, particularly for complex geometry. GS amplification/deamplification does involve either memory allocation, a"pack" operation or both and that's not cheap, even when implemented in hardware.
Much less though, which is key. Remember that even though you may need more "passes" to more render targets, the rendering itself is extremely cheap due to very few state changes (really only vertex shader and depth output). In any case it would be an interesting comparison, and I'm certainly willing to use whatever is fastest for the job!
Certainly true that LVSM/CSM/ESM/PCF attack *filtering* not soft shadows. The whole "edge softening by clamping the minimum filter width" is really just a side-effect rather than the goal IMHO. This is a really important thing to remember because if you start thinking of the edge softening as the *goal*, then it's both a physically incorrect approach, and potentially inefficient way to do it.
Well, that's *one* goal of real-time rendering. I think if you ask any game developers though they don't give a damn about "solving the rendering equation" and rightfully so. Hell, even movies spend more time fudging stuff than doing it physically correctly. Physical correctness is another tool IMHO, not the end goal.
That said, please do realize that VSM et al. are *filtering* algorithms. Ray traced shadows, shadow volumes and DCS do not address shadow filtering *at all* - thus you are forced to super-sample in screen space to avoid aliasing. Thus DCS isn't really the end goal/answer for shadows either IMHO since I think VSM shows pretty conclusively that we can do a good job on shadow filtering and avoid inefficiently super sampling the whole screen buffer. This is the same case as using texture filtering in ray tracers... technically you can handle it via screen space super sampling, but in reality it's a hell of a lot more efficient to do some prefiltering.
Let me reiterate: edge softening is a "bonus" of PCF/VSM/etc., not the goal. It's even presented that way in the original PCF paper, which I highly suggest that everyone working in shadows should read.