It's a wider color space. It improves the color range of everything, assuming the source hasn't been flattened to SRGB.
Well, yes, but what are the benefits for text over 24-bit colour? To have two even less different shades of a colour adjacent to each other? For images there's a very clear benefit, but for a text frame buffer I'd say not so much.
See my comment above: it would allow more precise specification of a color by avoiding the need of indexing an implementation-dependent palette.
citrusui originally asked about DCI-P3 color space, ygra then confused this wider color space with higher bit-depth. Now you want to further confuse everyone by referring to your comment about advantages of 24-bit RGB over paletted colors which is completely irrelevant to the original comment about DCI-P3 color space. DCI-P3 contains colors which are outside of the gamut representable by the 24-bit RGB (which uses sRGB color space).
Sorry, it wasn't my intention to hurt you with my comment.
No problem :)
What you are talking about is bit-depth which is not related to color spaces (although for wider color spaces you need higher bit-depth to avoid banding).