Heh, interesting way to answer the question Geeman. Are all Finnish people crazy or is just the ones on the LFS forum?
Technically, 24-bit is 16,777,216 colours, since that's 2^8 per channel, cubed for RGB. With 32-bit colour, the other 8 bits give 256 alpha levels or something. But you'd be correct that you don't get 4,294,967,296 colours.
Again I know 15-bit colour is (2^5)^3, giving 32,768 colours, 16-bit colour only doubles green to 6 bits so is a bit weird really, but anyway arrives with the 65,536 colours.
Blacksheep - in a nutshell, improved colour accuracy.