You do not need 16 bit for the g-buffer surface albedo color. It doesn't require high dynamic range. With dxt compressed source textures, you would just be wasting bandwidth by storing surface texture colors in 16 bit precision.Would be interesting to see how well the 360 cope with a full Deferred Renderer with FP16 HDR and AA. Wonder if they'll get away with it by tiling or simply go the route of 1152 x 720.
You only need a high dynamic range buffer when you output your lighting, but at that point the g-buffers have already been rendered and resolved to textures. As BF3 utilizes tiled deferred rendering, it doesn't need a z-buffer either in the lighting pass. 4 x 16 bit float 720p light accumulation buffer would easily fit the edram (it's 7 megabytes).
However the smallest possible g-buffer layout requires 4+4+4=12 bytes per pixel (two 8888/10-10-10-2 color buffers + depth buffer). And that would require 10.54 megabytes of edram. So you either have to drop the resolution by 6% or do tiling.
Also BF3 is using post process AA, so the AA doesn't bring any extra edram/tiling concerns. In the post process pass you just need to have a single 8888 output buffer in edram, and that's fine without tiling (even at 1080p).