I realize this is a really old thread but it is still useful. As a few users pointed out, it's not a way to actually get all the filter functionality while still in a 32-bit environment. This is simply a color profile that allows you to convert from 32-bit to 16-bit without a lot of hassle. From that perspective, it's pretty handy.
Sometimes it's really tedious to take a nice stack of render passes from 3ds Max or wherever, and convert them to 16-bit without the values all changing and getting really bright. You can merege layers, make sure they are smart layers and a host of other things to try to get the conversion. I haven't tried this technique on a really deep and complex layer stack in Photoshop, but if you just have the normal stack of GlobalIllumnation, Reflection, Refraction, Lighting, Specular, etc., it works well for me.
This simple color profile is a great solution and works nicely. But, again, you are now working in 16-bit because you've converted, but, you converted without much trouble.
