The k7 (I know this because it has the same sensor as my K20d) has the same DR of most ASP-C cameras in it's class, or in many cases, up to a stop MORE. However, this extra stop is in the shadows (not in the highlights) which is where most people look for DR.
You gotta shoot RAW if you want maximum quality. There is no way around this. FOr maximum DR, you need to expose to the right and pull down the exposure in post. You can get very stark images this way, but it takes a lot of practice to do properly. You cannot rely on the matrix metering system to do this for you (however, the Pentax meter is very good at preserving the highlights compared to many manufacturers). If you are comparing your DSLR to your film SLR, you will ALWAYS be disappointed. However, the flexibility RAW gives you in PP more than makes up for this. ASP-C sensors have the same dynamic range of slide film.
If you expose a RAW properly for maximum dynamic range, the image will look dull and flat, but full of detail. The image above is a great example. If you shoot in raw, that "flat" image serves as the perfect base to create any look you want with some skill in post-processing. Getting the look "in camera" is very hard unless you want your images to look very natural. If you want to play around like people could with film in a darkroom, you are going to want to expose your images quite differently. Does that make sense? Think of it as... you want the clearest signal to be captured, which you can toy with in post to make it look the way you want. If you capture it the way you want it, there will likely be artifacts that will limit things like DR.
I used to care about DR quite a bit. Then I realized how to use the histogram, and that all the DR I would ever need is in my K20d, I just had to learn how to keep it in check.
PS. I'm pretty sure that dynamic range of these sensors won't change significantly for a long time. We will instead see great improvements in signal to noise ratio.
PPS. I was in no way knocking the image above... it is beautiful. I was simply suggesting that the DR of that image could be exaggerated in post if desired, since it is exposed so well
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