Eki Halkka
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The technique is more advanced than this. One set of pixels can theoretically be set at a shutter speed 12bits lower than the other set, and 'theoretically' achieve 24 stops of latitude (though I would aim for 16 stops+, as 4096th of 1/48th a second shutter is pretty fast and I imagine no value overlap could result in issues with color information in an individual pixel). You could do one whole frame fast and one slow, but as there is no overlap, movement might be an issue.
The basic technique i suggest uses two accumulated frames to achieve a stop of additional DR. The result would be a 13 bit file, and there would be no problems with motion blur or anything like that.
This technique can actually be used with the current Red One, without any modifications - simply by shooting 120 fps 2K with 360 degree shutter and processing in post.
To get more dynamic range, even faster frame rates could be used with the same exposure on each (without motion blur problems), or some of the subframes could use a faster shutter speed (this would cause some motion weirdness, but achieve HDR dynamic range). These are not possible with the current gear.