On DxO the 'noise floor' when calculating DR isn't the read noise alone, but SNR 1:1, so the shot noise is also taken into account (one photon is the lowest signal if the read noise is zero).
Huh?
If we average 4 photons per pixel at 1/100, then we average:
2 photons at 1/200
1 photon at 1/400
1 photon every 2 pixels at 1/800
1 photon every 4 pixels at 1/1600
There is nothing special about 1 photon per pixel, whatsoever, except your interest with it.
There is no bottom to photon-only signals, except black or no light. Of course, if the exposure gets very low, the sensor may not catch any photons in some frames, but one or more in another.
What Steen is saying is that since Photon Noise is everpresent and unavoidable, it doesn't make sense, in terms of the visual properties of the photo, to talk about a noise floor lower than 1 electron, since this represents a 100% NSR.
In fact, we could take it further and say that a 50% NSR or 25% NSR represents a more "meaninful" noise floor -- again, in terms of the visual properties of the final photo.
For example, let's consider a sensor with a per-pixel saturation of 4096 electrons. If the read noise is 1 electron, we have a DR of 12 stops. For a sensor with a read noise of 0.25 electrons, the DR is 14 stops. For a perfect sensor with no read noise, the DR is infinite.
If we take a photo, and push the shadows way, way, way up, are we going to see any
meaningful differences between the three sensors? I mean, even the extreme shadows will be dominated by photon noise for read noise below one electron.
Thus, it is my position that using the read noise as the noise floor is not "useful", whereas using the 100% NSR is.