Oleg, I guess I didn't explain clearly enough what Magic Lantern is doing.in the posts dealing with the software.
I have no problem believing you got crappy results when you tried to bring the first image up. That is a standard image frame taken at the same exposure as the pano shots.; That exposure is set for the highlights. It's your basic expose to the right to keep the highlights that are important in your opinion as the photographer. I'm always going to expose for my important highlights with this software.
You asked why 200 and not 100 ISO. Simple, I shot this with Highliight Priority on to see if I gained anything and the lowest ISO Canon will let you set is ISO 200 in tht mode. The jury is still out on the gain\no gain question. I will have to shoot many more shots to answer that question.
The 9 images had nothing to do with the dynqamic range. That's 9 images with a 20 degree rotation between them for a total of 180 degrees. It took 9 shots to capture the pano, not the dynamic range.
As I explained before, the Magic Lantern software is writing, in camera, alternate ISO's to alternate rows of pixels for each frame and within that frame. In this case, a row at ISO 200, then a row at ISO 1600 and this is repeated for the rest of the frame. This alternating information is then interpolated to produce a DNG image that is then brought to what you see in post.
Why doesn't the image seem high quality? This pano is 21,204 pixels wide by 5343 pixels high, reduced to 800 by 200 something. At 300 dpi for printing, that's nearly 6' x 1.5' being reduced to about 2.7" by less than an inch. A huge amount of information is getting thrown out. However, in the real world, doing the job it's intended to do, which is be a header image, or banner image if you like that better, for a display with other images below it (11"x14"), it will look very nice from a viewing distance of 4' - 6'.
The pano was done in CS6.
I'll let you judge whether or not the real life image is of a reasonable quality. This is a 4" (10.16 cm) x 2.5" (6.35 cm) section of the shot:
Balclutha-Pano-Detail.jpg [ 185.54 KiB | Viewed 219 times ]
This is a similar sized section from the right side of the image. The grain is added, but you can see the detail in the shot. If you look at the boxes, you can see the nails used to make them. The heads of those nails are a bit smaller than 1/3 of the size of the finger nail on the little finger of someone with small hands.
Balclutha-Pano-Detail-2.jpg [ 160.5 KiB | Viewed 219 times ]