Peter, if that terminology is in common use, and I've not heard it myself, they should stop as that's just bad. Bit depth is such a different beast to spatial sampling, and, of course, 4:2:2 or whatever has never in the past referred to bit depth or being limited to 8bit video. The existing terminology for "bit depth" is "bit depth". There's no need to shoe-horn it into something else.
Then again, if people are using such terminology, they're probably also referring to gamma encoded video as "linear" and they're totally wrong about that too...
If there's one thing I want to do through RED, it's educate on the science behind imagery and try to use good terminology, consistently, so that we can all communicate effectively.
At NAB, we'll have the Graeme's Video Terminology Swear Box, and if people say:
"linear" (referring to gamma encoded video)
or other such nasties, they'll have to donate to the fund :-) (No, I'm not serious, but it would be a laugh, would it not?)