High Z-buffer precision is something that we take for granted these days. Since the introduction of reversed floating-point Z-buffering (and, assuming you use the standard tricks like camera-relative transforms), most depth precision issues are a thing of the past. You ask the rasterizer to throw triangles at the screen and, almost magically, and they appear at the right place and in the right order.
There are many existing articles concerning Z-buffer precision (1, 2, 3, 4, 5, 6, 7, the last one being my favorite), as well as sections in the Real-Time Rendering and the Foundations of Game Engine Development books. So, why bother writing another one? While there is nothing wrong with the intuition and the results presented there, I find the numerical analysis part (specifically, its presentation) somewhat lacking. It is clear that "the quasi-logarithmic distribution of floating-point somewhat cancels the \(1/z\) nonlinearity", but what does that mean exactly? What is happening at the binary level? Is the resulting distribution of depth values linear? Logarithmic? Or is it something else entirely? Even after reading all these articles, I still had these nagging questions that made me feel that I had failed to achieve what Jim Blinn would call the ultimate understanding of the concept.
In short, we know that reversed Z-buffering is good, and we know why it is good; what we would like to know is what good really means. This blog post is not meant to replace the existing articles but, rather, to complement them.