HI drdiesel1,
I use and test the Sekonic L-758DR extensively. The Dynamic range indicated by Sekonic's DTS software is not the actual Dynamic range of your camera. Many people perform the calibration and profiling and get results of just under 5 stops and some will see as much as 7 stops. It's pretty much accepted that a 5DMkII has a greater dynamic range than 6.3 stops.
DTS is conservative in its evaluation of dynamic range and clipping points. The values it uses as Dynamic Range (-) is not really true black and the values it uses as Dynamic Range (+) is not true white. In both cases there is still detail but there is no clipping. The clipping points are also conservative and you'll find that Clipping Point (-) and Clipping Point (+) are not truly clipping. You can check the values in Photoshop or Lightroom and see this for yourself. As a matter of fact, Sekonic states that you can, and many do, adjust those points to more accurately represent the Dynamic Range and Clipping Points of your camera and this is a judgement call that you make.
It's a very common misconception that DTS is going to reveal the actual dynamic range of your camera/sensor when in fact, this is not true. Most often, if you were to expose and adjust for clipping as per the DR and clipping points in your profile you'll find some underexposure in the highlights and overexposure in the shadows.
I've been doing testing and communicating with Sekonic, Japan about the procedure and documentation for DTS and it's a very slow road. There is much to be desired and a lot of the documentation needs to be rewritten. There is talk of a comprehensive video being made to demonstrate the procedure and to make some corrections.
If you use flash to create a profile and adjust the aperture of the lens you'll find more issues and problems with the procedure.
TIP: if you're shooting the images for a flash (incident and reflected) profile then it's recommended that you adjust the output of the strobes and not the aperture of the lens. If you use a completely manual focus lens then you can adjust aperture on the lens. This is due to the fact that an AF lens will have it's aperture set at the widest position until you press the shutter, and then it will stop down to the set aperture. The fraction of a second that it takes for this to happen affects the profile and its visible when DTS creates the profile graph. This happens with either Target I and 11 images or Target II and 3 images.