For those asking what HDR actually brings to the home viewing experience, here's a breakdown:
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Also all HDR video content out there right now is also supporting wide color gamut, which moves to the DCI/P3 colorspace from the Rec.709/HDTV one. This add lots of shades of red, blue, and green that have been present in movies in the theater for years, but that TVs either couldn't show, or content couldn't encode correctly. These also are noticeable, especially when done side-by-side with the standard HDTV version.
The good news is that UltraHD Blu-ray players, which handle this content, know how to fold it down to work on 1080p displays that don't support HDR or WCG content. I'd assume the PS4 can as well then, but that requires developers to deal with this as well possibly. Either way, both these features make more of an impact that UHD resolution (IMO), but since you can't separate them from that, it's hard to do an apples-to-apples comparison of them today.