Color correction filters can be used to enhance the dynamic range of the sensor. For example in daylight the green channel clips much earlier than the others in the typical landscape. The magenta filter reduces the green exposure relatively to the red and blue.
Reducing the greens allows to increase the exposure, thereby bringing some of the blue and red pixles out of the noisy shadow. Thus the dynamic range can be increased by about 1/3 to 1/2 stop; not much, but it may be crutial.
However, this works only if there is plenty of light. The magenta filter reduces the reds and blues as well (but to a lesser degree, than the greens), so if the exposure can not be increased, then the filter causes loss of dynamic range, instead increasing it. Furthermore, the "red" and "blue" pixels capture some of the green as well. Thus the filtering effect on the exposure per channel is not straightforward.
Moreover, even the very highest quality filter causes some loss of quality and a cheapo filter can ruin the shot. Unfortunately, B+W discontinued the magenta filter production.
See following *raw* histograms:
- the first one is w/o filter; the green-red proportion is 13900:6100 ~2.28,
- the second one is with a Tiffany CC30M, the exposure is 1 EV greter; the green-red proportion is 11500:6200 ~1.85.
The difference in the proportions is ~0.43, close to one half of a stop.
Notes:
1. The chosen exposure did not cause any clipping on raw level; I picked this one, for the change can not be measured if clipping occurs (if saturation occured, then it is difficult to impossible to say, how high the exposure exceeded the well capacities),
2. the proportions between the channels depend on the actual scenery and illumination,
3. the shot with the CC30M filter on required 2/3 EV higher exposure to reach the same level of red and blue. The point is, that this could have been increased a further 1/3 stop, and that would be the gain in DR.