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Pro Rez 422 will render 10 bit color if your project is set to 16bit. The same goes for Black Magic's 10bit codec. This will give you better results but you won't get 16bit per channel unless you use another codec. There are only a few options available. Neither of these codecs support alpha channels.
The bit depth of codecs and compression schemes can also be confusing. A 32 bit png file has 8 bits sampling per channel but supports transparency. RGBA is 4 channels X 8bits (256 colors) or 32bits. Millions of colors is 8 bits per channel. 256 X 256 X 256 = 16million. You can also calculate the number by taking 2 (a bit only has 2 states) to the 24th power.
Thanks for the info Rick, appreciate it. The project I'm working on is in CS4 because it uses the Zaxwerks 3D Invigorator plug in (which has yet to be updated for CS5). I noticed after posting my original question that if I open the project in CS5 "trillions" is available not grayed out in the output module (when rendering as quicktime prores 422 HQ), but of course all my 3D titles are missing due to the missing plug-in
So it would seem that while CS 5 will render trillions of colors in the QT prores format, CS 4 will not, wondering if anyone can confirm this? Looks like I might just have to wait for Zaxwerks to get their update out to do my final render on this project.