[Ma8ee]

That of course depends on how you show it on the screen. You can of course show those part of the sensor that didn’t register anything (less than 40) as grey, and everything than saturated the sensor as a bit lighter grey. But people don’t tend to like the look of those pictures very much, and they definitely don’t look more natural than the conventional processing.

The main limitation isn’t the file format. The main limitation is the sensor. On the lower end, it is noise in different forms that overwhelm the very weak signal from dark areas. On the higher end, the sensors get saturated, that is, the semi-conductor bucket for the charges that is released by the photons get full.

And then the experience of the picture is of course limited by the medium that is used to display it. Even the best screens can’t show even a small fraction of the contrast that the eye experiences outdoors on a sunny day. And don’t mention printed media.