We need more bits per color component in our 3D accelerators.
I have been pushing for a couple more bits of range for several years now, but I now extend that to wanting full 16 bit floating point colors throughout the graphics pipeline. A sign bit, ten bits of mantissa, and five bits of exponent (possibly trading a bit or two between the mantissa and exponent). Even that isn't all you could want, but it is the rational step.
There are other more subtle issues [due to limited precision - editor], like the loss of potential result values from repeated squarings of input values, and clamping issues when you sum up multiple incident lights before modulating down by a material. Range is even more clear cut. There are some values that have intrinsic ranges of 0.0 to 1.0, like factors of reflection and filtering. Normalized vectors have a range of -1.0 to 1.0. However, the most central quantity in rendering, light, is completely unbounded. We want a LOT more than a 0.0 to 1.0 range. Q3 hacks the gamma tables to sacrifice a bit of precision to get a 0.0 to 2.0 range, but I wanted more than that for even primitive rendering techniques. To accurately model the full human sensable range of light values, you would need more than even a five bit exponent.
64 bit pixels. It is The Right Thing to do. Hardware vendors: don't you be the company that is the last to make the transition.