[noggin]

Yes, it does. I get HDR signal even with 8-bit, but when it's indicating it's getting 10- or 12-bit, PQ has more pop (or maybe it's placebo). Know @wesk05 has mentioned that several displays get the bit depth wrong (even when actually rendering 10-bit), so who knows. I'm thinking of investing in a HD Fury Vertex.

 With 4:2:2 if you don't get banding, you can safely ignore the 8-bit being reported by AVRs, projectors and HDFury devices (HDFury reports "upto 12-bits"). None of these devices report the actual bit depth in use with 4:2:2 pixel packing format.    

No banding. Tested w/the usual suspect... 'The Martian' UHD. Thought HDFury reported accurately on color space & bit depth; long thread on AVSForum about how great a device it is.   

The HD Fury reports the HDMI format being sent by the source, but not the contents of that video.  

2160p 4:2:2 signals are always carried as 12-bit over HDMI - that is the only bit-depth the HDMI format supports at 12-bit 4:2:2 at 2160p.  The HDMI standard doesn't allow for a signal to be sent in 8-bit, 10-bit or 16-bit 4:2:2 at 2160p, only 12-bit.  It's a quirk of the HDMI standard.  Other formats, like RGB/4:4:4 (at 2160p/23.976-30p) and 4:2:0 (at 2160/50-60p) support multiple bit-depths, 4:2:2 only supports 12-bit.  Conversely 4:2:2 12-bit is the only non-8 bit format (i.e. that can properly carry HDR) that exists for both <30Hz and >30Hz formats.  

https://www.hdmi.org/manufacturer/hdmi_2...q.aspx#146 

If a device wants to send 2160p 4:2:2 but at a lower bit depth, it still sends an HDMI signal in 4:2:2 12-bit format, but if it is sending 8-bit video, it sends it padded with 4 bits of zeroes as LSBS, or if it is sending 10-bit video, it sends it padded with 2 bits of zeroes as LSBs. The video signal carried is always 12-bit, it just may not be carrying video that is 12-bit.  For an HDMI analysis device to detect this it would have to do some analysis of the actual video content.  The HD Fury doesn't really do that - it tells you what the source is flagging the video as, not what the content is.

Displays that signal 8-bit 4:2:2 or 10-bit 4:2:2 at 2160p are presumably checking a frame or two to see if there is any content in the LSBs of the signal, as the signal they are receiving, if it is HDMI compliant, will always be a 12-bit signal.