High dynamic range isn't completely new, at least outside of TV hardware. High-end cameras and recent smartphone apps utilize HDR for higher quality photos. By combining several photos taken during a single burst, HDR leaves less room for error, and in most lighting conditions, garners striking results.
Separate photos are taken at different exposures during the process. These are called stops, and the amount of light is doubled from one to the next. So while the first stop produces an extremely dark image, the last result is exceptionally bright, lending better luminosity to the final portmanteau photo.
HDR video, though, is shot with an expanded range – it captures darker shadows and brighter whites during the shooting process. It doesn't really combine the lights and darks, but separates them even further, creating a wider array of possible colors – HDR TVs are the only foreseeable option for doing the image justice on the screen.