What a machine computes
The divide is postponed, not avoided
A renderer does not divide by depth. It multiplies by a four-by-four matrix that carries the depth in a fourth coordinate and divides later, and the postponement is not an optimisation — it is what makes clipping and texture interpolation possible at all. The matrix and this site's pinhole put every point on the same pixel to five parts in a hundred trillion.
What happens behind the eye
A point behind the camera has a perfectly plausible image. Dividing by a negative fourth coordinate flips both signs, so the point lands through the principal point on the far side of the frame, and a segment crossing the eye plane is drawn straight, inside the frame, and running in exactly the opposite direction — a direction cosine of −1.0000.
The precision a depth buffer has left
Depth is stored as an affine function of one over the distance, so half of a buffer's codes are spent before the harmonic mean of the near and far planes — twenty centimetres out of a kilometre. The resolution goes as the square of the distance, and the fix that works is not more bits.
A pixel is not a point
Where the sample sits inside a pixel is a convention, and getting it wrong shifts every mark by half a pixel in each axis. This site can say what that costs, because it recovers cameras from pictures — the answer is a principal point exactly 0.707 px from the truth with the focal length untouched, and the other half-pixel mistake does precisely the reverse.
A texture does not interpolate on the page
Walking across a drawn surface at a constant rate walks across the real one at a rate that changes, and the worst gap is a closed form in the depth ratio alone — 0.52 at ten to one, more than half the whole range. It is exactly the error a person makes dividing depth by eye, made by a machine, and the fix is the fourth coordinate the pipeline kept.