Since 16-bit color depth and Z accuracy don't tax a card's data bus very heavily, the card with the highest fillrate usually wins. In this case, that card is the GeForce2, which muscles its way through the Normal Quality benchmarks. With the performance gap between 16 and 32 bit color growing smaller with each generation though, we really don't see why anyone with a high-end accelerator would want to relegate themselves to a legacy setting.
It is also worth mentioning that during testing we've run across an interesting bug in the Radeon's driver. Under 16-bit color in OpenGL, there is an alpha blending issue that is being addressed by ATI. In the screenshot below, notice how the blood appears to be rendered in places it obviously shouldn't be. This anomaly is slightly distracting, but again, is only an issue in 16-bit.