Well, I'd call that "distance", then.I don't think we're talking about the same "z" here... what I use for point lights as the depth metric is "distance to light". i.e. length(PositionInViewSpace), potentially scaled and biased to fall into [-0.5, 0.5] for fp formats. That has a uniform distribution over the "world" (spatially), unlike Z which has a lot of precision near the light, and very little as you move away from it. The difference between these two metrics in my experience is quite pronounced.
I'm talking about storing 1/Zview in the depth buffer as FP32. Unless the FOV isn't extremely large Z shouldn't be too far off from distance, and 1/Z has about the same precision distribution.
How is the scale and bias supposed to help?
Which w and which z is that?As a small footnote to this, you need to store 1 - z/w. I've found that the precision is worse than 24bit fixed-point otherwise, which is itself is not accurately reversable in practical situations.
Using 1/Zview (or more accurately: Znear / Zview) is perfectly fine for floating point Z.