@Geoff D, why would you downplay Panasonic's HDR Optimizer when professional reviewers and consumers all agree that it preserves the full dynamic range and color volume of HDR graded content? The only other way to see the full dynamic range of HDR content is with a properly set-up Lumagen or Trinnov or other high-end processor.
Rebuilding any HDR content's EOTF PQ that is mastered at 4,000 nits or even worst 10,000 nits to 350 nits for a HDR capable projector is the only BD player that can give you a real HDR cinema presentation. Another great example is for any OLED TV owner who sets the TV type to "OLED" to take advantage of HDR Optimizer to rebuild the EOTF PQ curve to start at 0 luminance to a peak of 1,000 nits, which can then be easily managed on your OLED TV and not clip the peak luminance or blow out the color in high luminance areas of the image.
Now I know that content mastered at 4,000 nits or 10,000 nits does not mean that the content hits the peak luminance, but many scenes are far beyond the ability of an OLED TV or any home theater projector to display or manage without Panasonic's HDR Optimizer.
So it's not about dynamic tone mapping, but rebuilding the EOTF PQ to match the display's contrast ratio range.
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