I just thought that I would add a bit more here. There is an association or correlation if you will, between bit depth and dynamic range (dynamic range simply put, is the range between the blackest black and the whitest white in an image). Also, this may be an easier read....
Digital photography can get pretty deep into the computer science of things. Digital cameras are essentially a computer with a lens bolted to the front. That said, the bottom line of all of this is not the specs - number of bits, theory of this and that..... It's viewing a scene, composing a picture, capturing an image. The rest of everything else is just a tool - a shovel, rake or hoe.
You do not need to get caught up in all of the details. Digital photography is great, since it essentially give you an endless roll of film. Take a shot, look at it and then perhaps make a change and shoot it again. This high turn around rate, enables you to shoot, determine if you can do better, shoot again with some changes for a better image, there by creating a very effective learning loop.
I still have my K5 that I shot with for years. I now have a K1 which is an absolute beast of a camera. I very well may never upgrade - it just has everything that I need and could want. However, my k5 - being pretty simple and straight forward is a tremendous camera - and really fun to shoot. Its technology does not get in the way of capturing the image. The ONLY reason why I upgraded was that I could get better star color in my night milky way landscape images.
I also still have my first digital body - the K100D, which is only a 6MP body, but is a CCD sensor, which captures very colorfully saturated images. Its images are wonderful. Upon getting my K5, I put some of the K100D images up on a large 50" screen TV and compared them with the K5 images. The first thought that came to mind is - why did I upgrade?