Mark:
Billions of colors and the gamut can be "orthogonal".
Number of colors, - is the bit-ness, as you've already noted. That's
essentially the number of gradations.
The gamut determines the breadth (and height) of coverage.
Think about some huge staircases, covering some large area, both laterally
and vertically.
SRGB would be with the overall system of stairs being not as high, and not
as wide compared to Adobe RGB. But the height of the individual step
can be smaller and therefore the number of those stairs in principle can
be larger than in Adobe RGB.
IMHO, for all practical purposes, the number of the individual colors (at
this point, when we are well past 8-bit colors) is just a marketing pitch.
HTH,
Igor
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