While this hasn't reached the point of going stable yet, it's now nearly complete. This will be part of the deferred shading (dynamic lights) widget, and will include full bloom and HDR support. Bloom will depend on HDR for technical reasons, and since it doesn't make much sense otherwise.
While HDR is more expensive than not, it offers at least two tangible advantages when it comes to dynamic lights.
1: Smoothness. HDR eliminates the grainy artifacts that currently plague dynalights, and also make the falloff of the lights considerably smoother.
2: SHINY!!! I included a function which shifts super bright lights toward white. Currently if you stack 100 scorcher beams on top of each other all you get is a grainy orange blob. With HDR they will make a smooth firey white flash almost like a lens flare. Overall the look is very starwars-ish, esp with higher white intensity for red beams like scorp and bandits. Lots of things are much shinier.
However there are also two major disadvantages. The first is that it's more expensive, although it's optional and you can turn it off to save on performance. The second is that the HDR tone mapping algorithm that makes the lights so shiny and smooth also causes irreversible color shifts which are difficult to correct even partially. Partial color correction is about all I've managed (and also adds to the expense).
Another minor disadvantage is that some not-so-great effects end up looking worse, either by contrast or by accentuation. Ground flash effects are really bad, and it also demonstrates a distinct need for proper explosion dynalights. Wyvern/tacnuke explosions also look bad. I haven't actually tested silencer but perhaps I should.
TL;DR::
I think I had bloom turned all the way up for this on accident. It's still about average scorcher shinies though.
Also overbloomed, but bright!
I think pene needs a dynalight.
The following screenshots are a direct comparison between LDR, HDR, and HDR+Bloom:
Scorpion Comparison:
Scorcher Comparison:
BONUS SHINIES!! After a short time step: