Poe wrote in post #10401400
More like 10-12 stops for the latest Canon dSLRS.
From a technical perspective, you are correct because the sensor data has a high enough S/N ratio that the analog sensor data can be quantized to a resolution of 14 bits when converted to a digital word. For practical purposes, the dynamic range is somewhat less.
First, when the linear response of the RAW data has a non-linear gain applied as a part of the RAW conversion process to emulate the semi-logarithmic response of human vision, the quantization levels in the very dark areas of an image are not sufficient to support discernible details -- thus the result is "blocking" (large clumps of same-value image pixels). Next, (assume that we are still working in 16 bits) when we consider the image AFTER it has been adjusted for human visual response, quantization is still a factor in discerning detail in the very dark parts of an image so a black point is usually set at some point where this "dark noise" is masked out. When the image is finally saved, most often it is converted to 8-bit resolution. Considering that the vast majority of computer monitors only support 8-bit words, but really can only display about 6 bits (not to mention their limited gamut which is typically not much more than sRGB), it is easy to see that a lot of what the camera can record is being lost before the image finally reaches our eyes.
The great majority of printers have limitations comparable to monitor limitations. Finally, it is worth mentioning that displaying an image with a very wide dynamic range on a device such as a monitor or printer with a very limited capability for displaying dynamic range only results in a very drab lifeless looking image. That is why photographers "play" with images in post processing to boost the contrast of midtones and other "tricks" such as HDR and blended images.
The bottom line is that I would prefer to have a RAW image with a wider dynamic range that gives me more "wiggle room" for post processing than a RAW image that starts out with only about six stops of dynamic range. It is always better to have data that you can throw away than not having it in the first place.