Originally posted by biz-engineer DR (dynamic range) is often confused with noise level, and that is due to the definition that has been given by camera sensor test labs (DXO etc) for marketing purpose. In practice, I get more useful dynamic range if I under-expose as much as it is required until highlights aren't clipped. Also practically, 8 stops of exposure latitude is more than enough because human eyes are much less sensitive to details in zone I & II of the zone system (near black and deep shadows). What matter in a photograph is that the key subject elements of an image receive more light than other parts of the photograph so that to lead the eyes on what's important. Noise and details in shadows play a much smaller role in making photographs an impact, that's why I say that the lab definition of dynamic range is mostly relevant to sell cameras. Typically, if your subject matter is in shadows and what's non-subject is in the light, no camera in the world will be able to correct for that bad configuration. OTOH, if the subject is lit properly and the rest is in shadows, 6 stops DR is enough.
Yes, in some (many) circumstances. However, take a winter woodland scene on a bright day, not even sunny. This is the environment I shoot in for a good portion of my photography. The more DR I can have the better. Yes, bracketing helps, but it's tricky handling tree branches as they obscure a bright sky.
Another challenge with DR (on K-1 which was is good) is when I shot real estate. Agents love sunny days, their photographers don't. Sure portrait (studio), still life and general shots a more limited DR is fine, but for me more is definitely better.
Of course what you say about subject getting the light etc is key, even in woodland photos where the subject is not always obvious so my friend is Dodge and Burn to lead the eye and control the feel of the photo.