Ninja Theory's exotic NAO32 rendering method gets explained by one of the minds that developed it.
"information we need to represent the amount of light that passes through every pixel of our picture, so that we can capture a scene in all its color and luminance-range richness. Unfortunately, current low-cost display technologies (common LCDs, CRTs, etc..) can't properly display an HDR image, so we need to go through a process called 'tone mapping' to remap our image to an LDR (Low Dynamic Range) image in order to display it on a screen.
Tone mapping can also be used to simulate the way our eyes slowly adapt to different light conditions. In the end it means a better visual experience for gamers, although it will take time for the industry to get it right."