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It doesn't actually seem to have 16 possible channels, since it explicitly lists allowed values for the number of channels as greyscale, RGB and RGBA. Which means you're still "stuck" with TIFF or custom formats if you really need unusual channel numbers.

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If you need non-standard channel configuration, you'd better use OpenEXR. From the wiki:

It is notable for supporting multiple channels of potentially different pixel sizes, including 64-, 32- and 16-bit floating point values, as well as various compression techniques which include lossless and lossy compression algorithms.

Good point, forgot about OpenEXR, thanks for the reminder.

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