A lot of software already use normalized RGB.
rgb(1.0, 1.0, 1.0) == white
rgb(1.0, 1.0, 1.0) == white
Ofcourse you can't provide more decimals than the number of bits used by the float.
EDIT:
0.999 * 255 (8 bit) = 255
0.9999 * 255 (8 bit) = 255
0.999 * 4096 (12 bit) = 4092
0.9999 * 4096 (12 bit) = 4096
So for lower color depths the number of decimals isn't that important.