DagT wrote:

>In my view the reduced noise is equivalent to increase dynamic range.  

Not necessarily equivalent, but reduced noise certainly could be the
*result* of increased dynamic range: Increased bit depth could
conceivably facilitate the use of more advanced noise reduction
algorithms that do more noise reduction with less damage to fine
detail in the image.

>Maybe they are able to utilize all of the 16bit depth of the RAW format.

This isn't Pentax, but NuCore has apparently done it:
http://www.nucoretech.com/nu3/10_company/corp_backgrounder.html#products
 
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Mark Roberts Photography & Multimedia
www.robertstech.com
412-687-2835

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