Just ran a simple test and...
16bit returned 16
32bit returned 32
256 returned 8
So I guess it returns the bit? so I guess 16 would return 2??? Not 100% up to date on my bits.
you can test the others yourself and just change your screen depth from your desktop settings:
<SCRIPT LANGUAGE=\"Javascript\">
<!--
alert(screen.colordepth);
//-->
</script>