You also are losing some resolution with this mode, as you are halving resolution in the highlights and the shadows.
My 5D3 is still alive after roughly one week of playing with this, but that's not a guarantee. Therefore, it's safe to assume it can fry the sensor or do other nasty things. In the technical doc you can see how this method messes with the feedback loop for optical black, for example. This code changes low-level sensor parameters. This is not something you want to mess around with lightly.
This is a pretty serious change in the way the camera is exposing a normal image. So what are the downsides? For starters, this is not like Magic Lantern RAW, where the team has simply grabbed what the camera is already doing. To get a natural HDR look: try my automatic color grading script. For RAW video files: latest raw2dng.exe. It requires dcraw and (optional) exiftool in your path. For CR2 files: cr2hdr.c (Windows: cr2hdr.exe).
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