For those who are curious, this is basically what we do when we color grade in video production but taken to its most extreme. Or rather, stripped down to the most fundamental level. Lots of ways to describe it. Generally we shoot “flat” (there are so many caveats to this but I don’t feel like getting bogged down in all of it. If you plan on getting down and dirty with colors and really grading, you generally shoot f…
It's sort of the opposite of what's going on with photography, where you have a dedicated "raw" format with linear readings from the sensor. Without these formats, someone would probably have invented "log JPEG" or something like that to preserve more data in highlights and in the shadows.