For those asking what HDR actually brings to the home viewing experience, here's a breakdown:
HDTV content is limited in range to 16-240 (going with video standards here, which more TVs follow, than the 0-255 PC standard). So if you have a white sheet or a sun, it's going to max out at that 240 level, which is usually set to around 140-160 nits in daily use. HDR moves from 8-bit to 10-bit signals, and uses a different gamma encoding standard. Gamma will control how the display ramps from black to white, and how long you stay in the shadows.
With HDR, the lower values follow a curve similar to prior gamma standards, but it then goes a bit linear past that. What this means in reality is now you can have a value of 240 for a white sheet, but that sun can have a value of 1,000 or so. The sheet or paper remains at 140-160 nits but you get bright highlights that can be between 600-1500 nits in brightness, depending on the display. This does become very noticeable in HDR content, where the sun, a campfire, or neon lights are much more vivid as they would be in real life.
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.