[noggin]

Does "player led DV" mean DV from premium apps like Netflix & Amazon Prime? Can the new Shield TV do DV using Kodi for single-layer UHD rips in MP4 w/HD audio?

My understanding is that player-led DV is where the player outputs dynamic metadata over HDMI separate to the video signal - I think this may also be called DV Low Latency.  The Apple TV 4K uses it, as do Sony DV TVs and the Sony X700 DV Blu-ray player. (I think some other UHD Blu-ray DV players have had an upgrade to support it)   This means the TV can use regular HDMI metadata extraction techniques and has no real processing to do to extract the metadata - and the player doesn't have to embed any DV data within the actual video contents of the HDMI signal.

TV-led DV is where the metadata is tunnelled within the video signal itself (i.e. 'hidden' in the actual video signal - a bit like an invisible watermark) - and was introduced by Dolby because at the time they launched DV there was no standard for dynamic metadata over HDMI. Effectively the DV metadata is 'buried' within the YCrCb content of the actual video signal.   A TV compatible with TV-led DV metadata has to process the actual YCrCb video coming into it over HDMI using Dolby proprietary algorithms to extract the metadata from the actual video that makes up the picture.  This requires a lot more processing in the TV to deliver the same metadata that a player-led implementation just sends over HDMI using HDMI's metadata signalling protocols that were added to the standard after DV initially came to market.

First generation UHD Blu-ray players with DV output TV-led DV dynamic metadata - as there was no HDMI standard ratified at that point to carry dynamic metadata.  

That's my understanding of the difference between the two standards.

Internal players running on the TV itself, presumably don't use either - as they aren't using HDMI interconnects - but the DV metadata is presumably not buried in the incoming video contents but instead in SEI-type signalling in the HEVC DV stream ?