In a different discussion group someone is saying that the D5600 is only 12-bit color unlike the d7200 which is 14 bit color. I tend to believe something is missing in this statement, but have no personal hands on knowledge, just a curiosity. Thanks in advance.
Both cameras support 12-bit and 14- bit .NEF (raw) files. The type of compression used may be more important than the bit depth of the .NEF file
As Wharseger posted the D5600 offers the choice of 12 or 14 bit Compressed NEF.
The D7200 offers those same two options plus 12 or 14 bit Lossless Compressed NEF.
Nikon calls the Compressed NEF "visually lossless", which at a basic level means the compression used will not likely be visible to the human eye compared to the Lossless Compressed RAW which retains more data at the expense of larger files.
From different things I have read, my understanding is that differences between 14 bit and 12 bit, and Compressed vs. Lossless Compressed are more likely to be seen in shadow and highlight details of the image though the 14-bit files have more discriminating color detail . But often you may not see the differences except in cases of aggressive processing. Also, depending on the camera and sensor, the differences in quality between 14-bit and 12-bit files may diminish as ISO increases.
In his camera books, Thom Hogan goes into depth on the differences between 12-bit and 14-bit .NEF files and Compressed NEF vs Lossless Compressed NEF.
He notes the order of quality (most to least optimal) as 14-bit Lossless Compressed > 12-bit Lossless Compressed > 14-bit Compressed > 12-bit Compressed. This is implied by Nikon's manuals though not explicitly stated.
For most display and many print purposes you end up producing an 8-bit jpeg from your 12 or 14-bit .NEF file so additional compression is involved for the final output.
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