you can insert any information you want in .exr this is a multichannel file type. It's a open file format support by all major compositing software(nuke,after effects,flame,etc.).
Playing with channel is a little bit different from layers.
The main idea is to put a lot of information for the same pixel.
In .psd, you have only 4 channel (R,G,B,A) for each layer.
In .exr you can combine in the same file a lot of information you can extract to create custom layer.
This is very effective way to do with a linear light ("linear blending" or "gamma 1.0 compositing") workflow.
For example instead of creating different layers for vegetation, you can render a pass with object ID and put it in a channel. From this pass you can output any layer you want if you need to tweak just one population.
Linear blending allow you to do some operation impossible with classic Blending.
For example with a linear workflow : Beauty - reflexion - specular = diffuse.
Adobe products can do linear workflow but with some limitation. For example in 32bits in photoshop a lot of tools are not available.
After Effects deal with this better since they include linear light blending color space (since cs3 i think) and the 3d extractor plugin (cs4or5) but a lot of effects are still not fully working in 32bits.
Talking about linear workflow with .exr can be long.
I didn't talk about the nuke and fusion workflow who is in some case more effective than the Afx way to do. (nuke is trully non destructive)