Well I sum it up like this. Some hardware developers make mistakes when creating their equipment. 3dfx decdied that, instead of creating a whole new chipset, they would use 4 of their old chips and let them run in sync. They lose, Nvidia takes what it wants (part of the AA tech if I understand correctly) Nvidia buys them up.
Now, Nvidia makes the mistake of making their cards not perform at the DX9 standard of 24 bit across the board performance-- instead giving their card different levels of precision, probably because using their lower (8 bit) is the only way they could keep the speed of ATI in pure DX9 games.
However, it seems its all but 24 bit out there, and since ATIs architecture does it better, it will run faster. The Nvidia cards can do it as well, but since they are built for pure 24 bit sampling, it will be slower.
Now thats how I take it. But even if I have the terminology wrong, precision is what its all about, and ATI's is handling it better then Nvidia for the newest technology, DirectX 9.