Well you can use exr, I do for stills and convert into 8 bit when possble. I like adjusting colour/exposure in 32bit. you dont have to though, many use tga, png tiff etc..
32bit float offers a lot of control in animation and is a better output if you intend to do loads of colour correcting! but the amount of disk spcae isnt always worth it. I use tga for animation, rendering out for vray I mostly use - zdepth, multimat, raw specular, velocity, AO, sometimes a wire colour pass