So what would the DR of the Canons and the Nikons be? Is this a digital thing, or a sensor thing? How much does it vary among cameras?
I can only comment directly on the middle question: dynamic range
depends a lot on sensor type, and amongst sensors of the same type,
it should be roughly proportional to photosite size (area), and
hence roughly proportional to sensor size for a given resolution
(pixel count). The 4/3 format cameras so far have an advantage from
their FFT CCD sensor type, balanced against a disadvantage in
photosite size, since the so called "APS-C" format sensors can have
photosites of between 20% and 50% greater area for similar
resolution. The balance seems to favor 4/3 FFT CCD so far.
The Full Frame Transfer CCD type use in the E-1 and all digital
backs for medium and large fomat cameras generally has the best
dynamic range, because photosites of a given size can hold more
electrons (measure more light befor highlihgs blow out) than the
other common sensor types. Obviously, increased size also increase
the number of electrons that can be held. In each case, this
increases highlight head-room, so increases dynamic range "at the
top"; it has no effect on "speed" or low light ability.
In practice, the FFT CCDs used in high end digital backs have the
best dynamic range of anything around so far, but they also have
bigger photosites than the 4/3 sensors. (Note that they do not
appear to have very good high ISO performance! At least, none is
rated at more than ISO 800.)
Going down the line, conventional interline CCD is generally second
best for highlight headroom, and CMOS is in general the worst.
However, the FillFactory CMOS sensors used in recent Kodak DSLRs
have an unusual design giving very large electron well capacity,
and so have very good dynamic range. (This virtue is often lost in
the obsession with high ISO shooting, as if the need for high
shutter speeds is dominant in high resolution photography.) Fuji's
SuperCCD seems to do better than convenional interline CCD, and
their new "SR"(?) technology promises to greatly improve dynamic
range: let us see how well the S3 performs. (Their DR expansion
technique could probably be adapted to other sensor types.)
It seems that with the E-1, the FFT CCD advantage outweighs the
disadvantage of its slightly smaller photosites, except that
possibly the Fuji S2 SuperCCD sensor is as good as the E-1 for DR,
or even better according to some. It will be interesting to see how
this holds up as photosites get smaller ll around, as with the
E-300 and 20D.
On one hand, a 4/3 format sensor (18x13.5mm) will always have
photosites about 25-30% smaller in area than an "EF-S format"
sensor (22.5x15mm) of similar resolution.
On the other hand, comparing high end interline and FFT sensors
from Kodak, FFT CCD seems to have a 50% advantage in highlight
headroom (not to mention about a 50% advantage in noise levels). So
4/3 format FFT CCDs could be able to contnue to outdo the dynamic
range of conventional interline CCDs in the so called "APS-C"
formats, and outdo conventional CMOS, since that 50% is at least as
great as the size advantage of "EF-S" or "DX" formats.