Originally posted by MJKoski I used 1/60th shutter speed without any filters and Zeiss 28/2 Distagon @ f/5.6. I have managed to get at least two successful images by averaging hundreds of image in-camera. The output is a .PEF RAW file and it is not only Lightroom which does this. It is liike that with SilkyPix as well. This can be replicated, anything over 500 will almost surely fail.
But if it works, the output can be pushed and twisted in post without anything breaking. +8EV boost? Check.
This one here equals roughly 10 minute exposure.
OK...it appears you must be using "Average" as the composite mode.* Was the light changing significantly during the exposure series? If so, one might expect that the spectral contribution might change significantly from start to finish, particularly if done at dusk. Without knowing the algorithm for how the "Average" mode actually works, it is difficult to predict how a spectra shift might translate to the final image.
Sadly, the only way to certify this as a bug, rather than a known and expected behavior, is to shoot an neutral gray target with the same settings and compare to a single 1/60s shot.
Steve
* I have typically used "Additive" as the composite mode when attempting ND filter emulation. "Average" uses some kind of running average and I can imagine many strange things happening.