When I have compared shots put in PS layers, the location of scene's elements was indistinguishable pixel by pixel
Do you mind posting a pair of such shots?
My aim is to achieve raw pixel by pixel coverage; what you see are de-mosaiced pixels.
Tonal precision in 40D is higher, but tonal richness (number of total different levels achieved) can be considered the same on both machines, and thus danger of posterization or banding due to lack of levels
The number of tones in the resulting image is a non-issue. However, the de-mosaicing can create tones, but it can not create true details. If two pixels of the sensor can not differentiate between two slightly different tones of the subject, then that is lost, no matter how many tones you can fae by the de-mosaicing.
Moreover in the areas where the increased tonal precision could be really enjoyed (lowest f-stops) noise makes the image unusable so 40D cannot really take advantage of its increased no. of encoding bits
According to DCReview, the DR of the 40D is 9.1 stops in ISO 100 and ISO 200 (IMO this is incorrect, it is somewhat higher in ISO 200), and that of the 5D is 8.2 stops at ISO 100. The noise may be less with the 5D, but I doubt the correctness of those evaluations.
A higher dynamic range means, that the 40D does *need* more levels, and it can utilize them better.
Anyway, I would like to see a DR comparison with Jonathan's mehod, because the DPReview test regards only the noise, not the details.
Would you say Leica's M8 enconding produces noticeably lower quality images than any 12-bit linear camera?
Conditionally, yes. The M8 produces a crippled raw; it is good for nothing but change the white balance. When you need strong adjustments, the limits of the 8 bit will come forward.
Why do you think Leica's digital back has ***16*** bit depth? Is the digital back 256 times better than the M8?
exchange a 40D for a 5D if my priorities were strong bokeh and wide angle for example. In other words, FF.
Forget about the bokeh. No camera will make a lens suitable for good bokeh, no matter of the DoF. I don't know, what "strong" bokeh is, but if you like nice bokeh, you need a suitable lens, and that will not be an F4 lens.