Texture the entire scene with a black and white ramp that is projected so that the
objects closer to the camera are white and the objects far away are black. This way,
you get a full range of gray scale values in
addition to a high quality, anti-aliased render (unlike depth channels in RLA or IFF).
This technique is also good for creating certain displacement effects like a face pushing through a sheet.. although now you could do that with softbodies.
My question about using this for z-depth is do you have to convert the image to a specifc format to use it instead of the z-depth or can you trade one out for the other and it just works???
Also you'd loose access the texture id's and other z-depth tags if you needed them.