BRiT,
Voodoo still computed everything in 16 bit and than upscale to 22 bits on output. This means if a game would rely on alpha or would do many passes the scene would still look much worse than at 32 bit. Kyro is a different story since it does all the calculations in 32 bit mode and then clamp it down to 16 bit (so only low bits are cut).
Radeon 9700 actually does all the calculations in 24 bits per component (96 bits total) and then, depending on a render target, outputs either 64bits or 128bits. The only thing you pay is memory bandwidth.
There will not be such thing as "force 64/128bit" rendering since you won't actually see 64/128 bits on your monitor. It would be a problem to display this 64bit and 128bit images on screen anyway because this color can range above 1.0.
Tricks like "3dfx's 22 bits" on Voodoo can't be done in 64/128bit modes, since extra precision only meters for calculations (+textures and render targets) and you won't actually see such high color depths.