
Slower card of TNT2 & 3dfx generations, esp with 16MB RAM really benefit from 16bit colour. For modern gfx cards like GF3, GF4TI & Radeon8500 you only want to consider 32bit colour, and prob AA as well!

Of course actual perf diffs do depend upon the card and CPU used. With 'slower' CPUs and higher end gfx cards you really want to max out gfx settings with AA, Aniso and of course 32bit colour in order to use the full GPU potential that the CPU may not tap.
3Dmark2001 using a mid-range AthlonXP and default res of 1024x768:
Voodoo4 32 = 1600 & 9.5FPS (Car Chase High Detail)
Voodoo4 16 = 2250 & 14.5FPS
GF2 GTS/Pro/TI 32 = 6000 & 41.5
GF2 GTS/Pro/TI 16 = 6100 & 40
GF3 32 = 8800 & 51
GF3 16 = 7500 & 44 (Yes slower I double checked)
GF4TI4200 32 = 10500 & 55
GF4TI4200 16 = 9500 & 51 (Again slower!)
You would expect most benefit to come in higher resolutions where the bandwidth is more limited (eg 1600x1200):
GF3 32 = 5000 & 39
GF3 16 = 6400 & 47.5
Or with AA enabled for the same reason (1024x768):
GF3 32 = 5200 & 38
GF3 16 = 5500 & 40

Obviously you get fewer comparable results when shifting from the default 1024x768x32 as fewer people run or submit them but this should still be quite accurate.