In follow up to this question, it appears that some numbers cannot be represented by floating point at all, and instead are approximated.
How are floating point numbers stored?
Is there a common standard for the different sizes?
What kind of gotchas do I need to watch out for if I use floating point?
Are they cross-language compatible (ie, what conversions do I need to deal with to send a floating point number from a python program to a C program over TCP/IP)?
As mentioned, the Wikipedia article on IEEE 754 does a good job of showing how floating point numbers are stored on most systems.
Now, here are some common gotchas: