It's called affine swim, and is present in some PC games too. I first noticed it in Half Life when I was messing around with the software renderer.
While the FPU is busy doing that, the CPU can do the linear interpolation. Once the CPU is done with the 16 pixels, the FPU has also completed the divide and the CPU can do the next 16 pixels, and so on.
Looks pretty decent but is not 100% accurate.