It was certainly a challenging article. The main differences between this article and Michael Reichmann's are that it was published about seven years after his (2010 vs. 2003), it looks at the difference between 12- and 14-bit raw files and it considers Nikon sensors. It is also vastly more scholarly and detailed based on the author's obvious technical background. Although Reichmann was an avid photographer and writer I have seen no evidence of his technical background outside of the field of photography.
Several points are significant:
"Raw data is
never posterized. ... the bit depth of the raw data is never the culprit. ... while the raw data is not posterized, post-processing can make it so" This is not going to happen in the brighter zones, only in the darker areas where the raw file represents tonality with the lower bit values.
"Curiously, most 14-bit cameras on the market (as of this writing) do not merit 14-bit recording." There has been a lot of progress since 2010. It is different today and some cameras are even using 16-bit encoding.
"Naively it would seem obvious that the highest quality image data would arise from concentrating the image histogram in the higher exposure zones, where the abundance of levels allows finer tonal transitions." Ouch! ETTR is a naive concept?
"Rather, the point is that by exposing to the right, one achieves a higher signal to noise ratio in the raw data. The number of available raw levels has little to do with the proper reason to expose right ..." If you can achieve a higher S/N ratio without ETTR, you can also reduce the visibility of noise.
"The proper reason to expose to the right comes from figure 12 on page 2, showing the rise in signal-to-noise ratio
with increasing exposure. By increasing the number of photons captured, the S/N ratio improves ..." Ditto.
"... the preceding discussion might leave the impression that, for a fixed choice of the shutter speed and aperture, it doesn't matter whether one has underexposed at lower ISO or exposed to the right at higher ISO. In fact it typically does matter ..." My point in a nutshell.
"However, the benefit from the use of higher ISO comes in the shadows, not in the highlights where "there are more levels" " Now we get down to the crux of the matter. It is only in the shadows where there
might be any visible benefit. If cameras have improved so much since 2010 that you cannot see a difference in the shadows, then ETTR is archaic, no longer necessary. It is also unnecessary
if you don't care what the shadows look like - if they are just background to the overall composition.
There is a brief description of the benefits of "lossy" compression and how it throws off some of this mathematical analysis but the take away is that it is a misnomer. It may be an improvement over lossless compression.