Just to be clear, I don't like HDR. I think it makes everything looks worse. It's the visual equivalent of audio mixes with explosions so loud you have to turn your speakers down and then back up again to hear people talking.
HDBits has an ongoing thread about movies without 4k detail on UHD BDs. The goal is to make encodings that can be much smaller at 1080p but preserve the wider color and HDR features.
Anyway, someone recently posted a 6 minute test clip of the new Matrix like this... and to my eye, it is all sorts of wrong.
Special effects look more fake because of the HDR, and some scenes are blatantly the wrong colors. The green room where Neo is interrogated? Startlingly different from anything I remember seeing ever.
Sure, my memory is mostly of the DVD, but I saw the movie 3 times opening weekend in 1999. The DVD is still closer than most timings (that includes the 35mm release).
I need to track down a clip of the new BD and see if that is even worth getting.
I have a copy on my Dropbox account, so anyone interested in seeing this, PM me. You will need a TV or device that can play x265/HDR clips.
Edit: Of course it's possible the UHD could look better without HDR. Several times I've found that UHD BD screenshots that extrapolate the HDR to SDR seem to look more natural than the actual HDR video. (Which reminds me that I want to open up a new thread about that...)