I dont get what is so problematic with floating point. Even Debian enables it by default for since 2011-09-24.
s3tc is only a tiny problem - first of all when you use precompressed textures it does not matter at all when only s2tc is installed. s2tc could look a bit worse than s3tc but even Ubuntu ships it by default now - and current Kanotix test images do as well.
Ok, there is OpenGL 4, but when you forget Unigine engine which Linux game uses it? Most likely no major game at all. I just want more complete OpenGL 3 support that at least Doom 3 BFG (via wine or RBDoom3) or Rage can run. Speed is a much more interesting thing - mainly Intel is too slow compared to Win drivers when you play games (if they run) - when you forget the extra simple OSS games - a game with > 60 fps @ 1080p is boring to benchmark anyway when it is locked to 60 fps without benchmark mode. Ok, you can buy 120 hz tft but how many use em? Nouveau is nice to have but it is not critical for gaming as you can still can use Nv 304 drivers for Geforce 6/7 on current distros. Ok, then when you look at radeon, those drivers are a requirement for cards below HD 2000 or when you want to use a newer xserver than 1.12. Basically you gain nothing with a new xserver for binary drivers so you could still downgrade it and you lose nothing - not so nice to do however but basically possible.