Using the white text legibility is really a not a valid method, especially if you let the white text clip on the high end of the exposure series. If you do that, you're comparing apples and oranges and the results you get will be inflated by the density difference between the white text and the text in the quadrants.
Jonathan,
(1)There's no indication of clipping of the whites in my ETTR at 2secs. I printed the target on matte paper and the texture of the paper is evident in the white square in the centre and the white border of the A4 sheet, ie. the values fluctuate between 214,214,214 and 218,218,218. The fluctuations of the white border are greater, varying from 221 to 228.
(2) Not only is the B&W text clearly readable 11.3 stops down but also the black cross in the centre. Now obviously such broad-brush detail in such degraded shadows is not much use to a fine-art landscaper but it would be to a spy who's life depended on decoding a message in the 12th stop of a Canon 5D image , or indeed an amateur astronomer searching for a new discovery that could get him a name in history.
I haven't made much attempt to determine a more useful DR for ordinary photography because I'm at a severe disadvantage regarding the status of my printer. Since I'm at present travelling, I'm using Epson's bottom-of-the-range 4-ink printer which I shall probably discard when I move from my current lodgings.
It's really quite primitive. One generic profile for everything, it makes a noise like a steam engine (clickety clack, clickety clack) and has a tendency to stop printing whenever a light is switched on or off, either in my room or the adjoining room, or whenever the air-conditioner is switched on or off. I've wasted a few prints as a result.
I'll try printing a glossy of your new target, but I don't think that Absolute Colorimetric has any meaning for my printer's color management. On the matte paper I can hardly read the smallest, faintest numbers.
By the way, why are you standardising the size of the target in terms of pixels? This is like dpreview's method of comparing noise. You get results like, the D60 has less noise than the 1Ds up to ISO 400. Surely what's important is the dynamic range of the whole camera.
Also, you didn't answer my question regarding the method of counting stops. Is one stop the interval between one exposure and the next exposure at half the value? On that basis, the extreme DR of the 5D is 11.3 stops. However, if I count all the exposures with a one stop interval between them, I get 12.3 stops.
I'll try this again with my best glossy print of your new target .