I'm surprised by this. I haven't actually had any experience with it, but the dynamic metadata only seems useful (to me) when dealing with content mastered to very high light levels that exceed the capabilities of a given display. For example, content mastered to a 2000 nit peak being displayed on a ~700 nit display (like an LG OLED for example). In this case, only the brightest specular highlights would likely exceed 700 nits. Based on that, I could see having precise tone mapping metadata defined being helpful to improve highlight detail, but that's about it.
HDR10+ specifies the metadata, not how the tone mapper will use that information, so its behavior will be less predictible than Dolby Vision, where Dolby provides the tone mapper and certification as well.
There are two ways static metadata can be used - on-device player and over HDMI. Over HDMI is more limited as you don't get much lookahead - maybe you get the metadata one frame ahead. When it's in-player the bitstream itself stores the metdata in the clear, and it can be extracted from the whole GOP in advance, or even from future GOPs. That allows the tone mapper to know how much headroom it needs to leave for future variability. Take, for example, your 700 nit display playing content with a MaxCLL of 2000. Using just static metadata, it might have 700 nits map to 600 nits, and then save 600-700 as a rolloff region so you don't get a big flat white blob on highlights. But if the tonemapper knows that the whole shot doesn't have anything above 600, it can go all the way up to 700 for that shot.
Also, it's not just about luminance but also chrominance. Because of how RGB color volumes work, the higher the peak brightness that can be played, the more saturated colors can be farther from the luma midpoint. And plenty of cheaper HDR displays can't do P3 all the way up past 1000 nits. Those displays also need headroom for chroma, so maybe it'll only go up to 90% of saturation most of the time in case there's some stuff up against the master-display color volume. If the tonemapper knows what the most saturated colors in a given shot are, it can go right up to the maximum the display can show without leaving any headroom. This can be a big deal, since limited chroma gets into tradeoffs of reducing saturation (better) or shifting hue (worse).
Everything I've read said its a very small improvement on HDR10, and that going to full fat Dolby Vision (e.g. Profile 5) is a much bigger improvement. I do have a lot of experience with that and am generally more sold on Dolby Vision as a solution for OTT in general, given the dynamic shaping into 10 bit IPT during encoding and 16 bit RGB reconstruction in the TV, plus Dolby having more control over the TV processing (versus often terrible processing rife with unnecessary format conversions that would otherwise engage).
This is really going to depend on content, display, and tonemapper. Dolby Vision is going to be more reliably decent. But equally good HDR10+ and Dolby Vision tonemappers should produce pretty similar quality results.
One other advantage of HDR10+ is it has lower complexity than DoVi. DoVi Profile 5 requires constructing a new intermediate frame based on the non-backwards compatible base layer, the dynamic metadata, and display characteristics. While that can be done with HDR10+, it's also possible to just decode the HDR10 base layer and then use the tonemapper for everything else. Which is why some devices might only be able to do DoVi Profile 3 to 24p, Profile 5 to 30p, and HDR10+ to 60p.
This can also save power on mobile devices.
HDR10+ can save power/compute relative to HDR10 original flavor, because the decoded frame doesn't need to be analyzed to determine its luma and chroma ranges; that can be just read from the metadata.
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Ben Waggoner
Principal Video Specialist, Amazon Prime Video