If you saw a bright light in the sky this week coming from the direction of New York City, it may have just been the demo put on for journalists of Dolby and SIM2’s HDR (High Dynamic Range) LCD prototype using local dimming technology. The 46-inch 1080p TV employed 1,838 LED bulbs to product a stunningly bright image without any of the washed out black levels typically associated with LCD.

According to Dolby, its HDR technology addresses LCD display limitations with proprietary designs that employ locally modulated LED backlighting rather than the cold-cathode fluorescent bulbs currently used in LCD TV. Dolby says HDR achieves the full dynamic range of what the eyes can see by locally controlling the brightness to provide the precise level that each portion of the image requires.

Our take? Gorgeous picture with true color, deep blacks and a startlingly real 3-D look. Bring it on!

Save your pennies and those cool new five-dollar bills. The companies were mum about availability and pricing but promised TVs packing the technology would be priced steep for the high-end crowd.