The dynamic range of the Q7 is much better than most people imagine. Here's the DPReview comparison between the Q7 (in green), the full frame Sony a7s (first generation), the M4/3 Panasonic GM1 and the 1" Sony RX100 (with the dynamic range optimization activated for all of them):
I you look at the highlights, the Q7 equals the Sony and beats both other cameras. For the shadows, it does actually outperform the three competitors. Please note that all three competitors have a much bigger sensor than the Q7 and that both the Panasonic GM1 and Sony A7s are more recent cameras than the Pentax Q7.
Cheers!
Abbazz