Steve
Your argument is with the producers of Photomatix - I qoute:
"Photomatix Increase the dynamic range of your photographs"
My point is that its pretty irrelevant if you are working in low contrast conditions (as I often do) where bit depth does become very relevant. But either way we are going to have to interpret files differently to how we do now.
I'm working on an idea to shoot bracketed shots underwater (ono-moving subjects) to see what can be achieved - I just neeed some vis.......
I think we are in violent agreement. Photomatix does increase the dynamic range of photographs when it is used with multiple exposures. When run with a single exposure, it does not. I also thing that increasing the bit depth is a good thing, so long as it is accompanied with an decrease in noise. Increasing bit depth can reduce banding, which is a good thing, but only if the noise is a few bit levels. If the noise is more than about 5 bit levels, increasing the bit depth doesn't do anything but make the files bigger.
I agree with you that multiple exposures of moving subjects could open up some interesting new ideas. For example, they could be used to create a pseudo-3D image. The things that move the most are either moving fastest, or are closer to the lens.
Multiple exposures could also be used as a backscatter reduction tool. The things the differ between multiple images are more likely to be dust and junk, than the subject.