After reading this magical example,
I trust Fuji’s jpeg is the best.

an over-exposure JPEG (3-stop),
for normally camera (D40, D200, 5D),
it is no way to fix it using simple curve.

however,
just adjustment curve layer in Photoshop.

fuji s5 easy tune back into the excellance condition (ref:kenrockwell.com)

D200 image just like normal jpeg, loss all detail over 255. (ref:kenrockwell.com)
Is this the reason why the JPEG file size what huge?
no matter how the complexity in the photo context.

Conclusion

Because of the total different algorithm of a over-pixel,
fuji make more natural picture towards the sun,

at the end of this page, an experiment tell the concept,
yeah!
this a reason why somebody tell tradition film always the better tone.
Answer is, the normal camera simply use a wrong processing Logic!

This case call back my memory of Phong reflection model,
the reason why 20years ago, 3D cartoon animation, all look like a plastic toy.

To advance a jumping improvement in Photographic Technology,
to photographers,
to customers,
to digital photography,
to the earth,
please keep research more and give us a better imaging!

Reading more:
Fuji Fujifilm S5 Dynamic Range