I thought Poynton's gammaFAQ made it quite clear:
Since we're talking CIE here, I wonder why Lightness is apparently being redefined below? I may have missed something - unusual for meHuman vision has a nonlinear perceptual response to brightness: a source having a luminance only 18% of a reference luminance appears about half as bright. The perceptual response to luminance is called Lightness and is defined by the CIE as a modified cube root of luminance:
L* = 116(Y/Yn)^(1/3)-16 for Y/Yn > 0.008856
where Yn is the luminance of the white reference.
It is more like a logarithmic function than exponential but in any case why do you then use the power function relationship instead. Are you just bowing to convention? I know the use of the power function is the usual one but the power chosen is, from what I have seen quoted, usually the gamma of 1/2.2. Why have you chosen a power of 1/3? Do we know why 1/2.2 is usually used?
A logarithmic relationship is actually quite common. When we talk about the number of stops of aperture, that is actually a logarithmic function of aperture. If we go from f/2 to f/4, for example we are decreasing the amount of light by a factor of 4 but we count it as two stops. Then if we go 2 stops further we get an aperture of f/8 and reduce the light again by factor of 4.
As a pedant from way back, I would say that "oft quoted" is correct without the apostrophe and without the hyphen, although I realise that the hyphen is commonly used. "Oft" is simply an archaic synonym for "often".