Firstly, I have to say that if you have ENB series, you MUST have bFloatPointRenderTarget=1. There is no choice then.
Now, to get the point, bFloatPointRenderTarget has a minimal difference in general, but there are some thing that change.
Default value is bFloatPointRenderTarget=0.
Changed value is bFloatPointRenderTarget=1.
It can be found in SkyrimPrefs.ini.
1) When bFloatPointRenderTarget=1, FPS is lowered (on my GTX 260 card) by 2-5 FPS depending on where I am. That's pretty much.
2) When bFloatPointRenderTarget=1, shinyness on certain things is changed. Shinyness on objects is minimally changed. The biggest change is shinyness on water.
Here's a comparison showing both FPS and shinyness difference:
Example 1:
bFloatPointRenderTarget=0: http://oi39.tinypic.com/3149gzp.jpg
bFloatPointRenderTarget=1: http://oi42.tinypic.com/2e35yeg.jpg
Example 2:
bFloatPointRenderTarget=0: http://oi40.tinypic.com/4ihbio.jpg
bFloatPointRenderTarget=1: http://oi40.tinypic.com/2i6kqz5.jpg
You can save a lot of FPS on this with just a slight visual difference. Definitely worth making sure bFloatPointRenderTarget=0 in my opinion, unless you have ENB; then you must have it on 1.