It maybe be stated before but, as far as I know, a camera sensor covers 4-5 EV while the human eye covers ~9EV. So, setting AEB to +/-2EV will give the ~9EV coverage for tha HDR photo.
Information stored in high dynamic range images usually corresponds to the physical values of luminance or radiance that can be observed in the real world. This is different from traditional digital images, which represent colors that should appear on a monitor or a paper print. Therefore, HDR image formats are often called "scene-referred", in contrast to traditional digital images, which are "device-referred" or "output-referred". Furthermore, traditional images are usually encoded for the human visual system (maximizing the visual information stored in the fixed number of bits), which is usually called "gamma encoding" or "gamma correction". The values stored for HDR images are often linear, which means that they represent relative or absolute values of radiance or luminance (gamma 1.0).
HDR images require a higher number of bits per color channel than traditional images, both because of the linear encoding and because they need to represent values from 10^−4 to 10^8 (the range of visible luminance values) or more. 16-bit ("half precision") or 32-bit floating point numbers are often used to represent HDR pixels. However, when the appropriate transfer function is used, HDR pixels for some applications can be represented with as few as 10–12 bits for luminance and 8 bits for chrominance without introducing any visible quantization artifacts.
One problem with HDR has always been in viewing the images. Typical computer monitors (CRTs, LCDs), prints, and other methods of displaying images only have a limited dynamic range. Thus various methods of converting HDR images into a viewable format have been developed, generally called "tone mapping".
Early methods of tone mapping were simple. They simply showed a "window" of the entire dynamic range, clipping to set minimum and maximum values. However, more recent methods have attempted to compress the dynamic range into one reproducible by the intended display device. The more complex methods tap into research on how the human eye and visual cortex perceive a scene, trying to show the whole dynamic range while retaining realistic colour and contrast.
Images with too much "HDR" processing have their range over-compressed, creating a surreal low-dynamic-range rendering of a high-dynamic-range scene.
Hope that helped, at least a bit!