While I might not be an expert on EXR like some other people here , I do have a bit of experience with EXR, so i will try to answer some of your questions :
1. like always, it depends what you need , but generally speaking, EXR has more color information which translated to allowing for more channels than just your standard Red, Green, Blue, and Alpha channels. The EXR file format allows ANY NUMBER of channels from G-buffer. So you could put diffuse, shadows, reflection,specular into their own buffers for later use in composting.
2. the added advantage is that you have much more information per pixel (to see an image comparing 16 and 8 bit, look here [http://www.ruffstuffcg.com/journal/linear-workflow-with-vray-in-3dsmax.html](http://www.ruffstuffcg.com/journal/linear-workflow-with-vray-in-3dsmax.html))[](http://forums.cgsociety.org/)Also here : [http://www.behrmann.name/index.php?option=com_content&task=view&id=41&Itemid=73](http://www.behrmann.name/index.php?option=com_content&task=view&id=41&Itemid=73)
and ultimately here :[](http://forums.cgsociety.org/)[http://en.wikipedia.org/wiki/Color_depth](http://en.wikipedia.org/wiki/Color_depth)[](http://forums.cgsociety.org/)basically you will reduce the chances of posterization especially when you have soft gradient areas (more color depth)
3. That also depends on the what you need to do and what software you output from, but the usual basics ones are :
- Alpha
- Background
- Diffuse
- Reflect
- Refract
- Shadow
- Specular
- GI
- Z-Depth
Others can include :
- AO (Ambient occlution)
- RawGI
- RawLight
- Light
- Velocity
- Wire Color
- Object ID
- Node ID
- Multi Material
- MatID
- RAW GI
- RAW Reflections
- NORMALS
- 'Etc..Etc...Etc...Etc...Etc...
4. yes , you generally get only one file, but it has ALL the wanted channels stored inside. It is not saving space, it is actually taking more space, especially when you are using direct writing method (like vray can support) , but it is more for compositing reasons. think of it like layers in a PSD, whereas each layer can be a pass.[](http://forums.cgsociety.org/)