[Max Jackson] "What I find interesting is that in that video posted the guy only had a total latitude of 4 stops.
Not quite. The canons have 6-9 stops of latitude, depending on who measures them (naturally questionable), lets say 8 stops. They used two cameras in order to stagger those 8 stops; two above normal, two below. Thus they came out with 12 stops of dynamic range, then tone mapped it down to ~8 stops for delivery.
The Red One will give you 11 stops of dynamic range natively. Film can give you 11-15+ typically. Red Epic in HDRx mode can give you 18.
What I learned from a separate tutorial is that it's important to have 32-bit float to be able to have deep luminance information beyond a simple 8-bit rez.
Your delivery codec is going to be 8-bit, and thus ~8 stops. During render, the DR will be either compressed or clipped into this window.
If you work in an 8-bit color space in AE, then AE will automatically throw away color information before you can even work on it. By working in a 32-bit space, you have all the color information to work with, and can control what is thrown away and how (by using the color grading tools) when exporting to an 8 bit delivery codec.
As David said, if your source footage is 8 bit, as from a DSLR, working in 32-bit usually doesn't do much for you. However if you are working with a 12 or 14-bit red raw codec in an 8-bit space, you're wasting the time and money you spent on Red.
It's a bummer that a high-end DSLR can't provide that high of a rez for broadcast level output. I would think HD is HD. ?
"High end DSLRs" are high end still cameras that happen to take video. The professional 1dm4 is a great, professional still camera, but it's a consumer class video camera. Their effective resolution is about 500x500 pixels delivered with hardware aliasing into a video codec set at 1920x1080p. HD is more of a marketing term for them.
Sony and Panasonic make real HD cameras that can deliver truer 1080p (measured at >800 lines of effective resolution) at ~8-10 stops of DR.
Red One blows away HD, delivering 4k (4,096×2,304). Red Epic delivers 5k (5,120×2,700 - 32% more).
You would pick red for either high dynamic range, or resolution, or those plus shallow depth of field, or the raw codec.
Cory
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