High dynamic range (HDR) imaging is able to capture a wide range of luminance values, closer to what the human eye can perceive. However, for capture and display technologies, it is important to answer the question on the significance of higher dynamic range for user preference. This paper answers this question by investigating the added value of higher dynamic range via a rigorous set of subjective experiments using paired comparison methodology. Video sequences at four different peak luminance levels were displayed side-by-side on a Dolby Research HDR RGB backlight dual modulation display (aka `Pulsar'), which is capable of reliably displaying video content at 4000 cd/m2 peak luminance. The results of the subjective experiment demonstrate that the preference of an average viewer increases logarithmically with the increase in the maximum luminance level at which HDR content is displayed, with 4000 cd/m2 being the most attractive option.