I realize I'm likely in the minority here, but after spending an initial few sessions with the Oppo and my JVC RS500, playing with various combinations of tone mapping mode and target nits, I've more or less come to the conclusion that straight SDR is my preference.
One thing is for sure, and that is each movie, or even scene in a movie, is very different in its imagery, and consequently what settings work best.
Some movies have a somewhat average APL and don't have many outdoor scenes etc... and may work very well with the HDR>SDR settings, but some varied material I put through it didn't look natural to my eyes, and I also came across some pretty serious artifacts (flashing cloud highlights) that came and went.
I found that large, bright highlight areas such as sky, and especially clouds, just don't look good blown out in many cases, and if you dim the display down, or change modes, in order to prevent it, the image lacks punch and is a little lifeless.
I feel there is another way to make the dynamic range fit within the limits of the projector - display the format it was supposed to display! And generally unless there was a mastering issue, you won't see oddly blown out bright areas popping up.
I think in the mid tones especially, you can have a very punchy image with the conversion, but its at the dark and bright ends where things get dicey.
I realize it isn't exciting, but I've spent so much time trying to get HDR converted to SDR / BT2020, and while it can look great, it generally doesn't look great for long until a certain scene doesn't work well with those parameters, and just looks wrong.
I don't really want to pre-watch all my movies, and come up with the best parameters for that movie, then watch it again.
I'm just not convinced that the bt2020 color space provides enough benefit to tolerate the artifacts of the HDR>SDR process the way I'm seeing it done in the Oppo.
I"ll admit freely that I haven't watched a ton of material either with the 203, but that's kind of whats concerning - it hasn't looked consistently great to me on what I've seen. Bits and pieces do, but generally not long stretches of a movie.
I'll need to go back and take a look at my Panny 900 / HDFury combo, but I don't remember seeing so many blatant artifacts from that combo. Can't make a concrete claim that it is better though at this point, so I'm not implying that at all.
My .02, anyway, so somebody tell me why I'm way off.