PS5 Coming at the End of 2020 According to Analyst: High-Spec Hardware for Under $500

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DonFerrari said:

If you don't have a HDR TV you really won't see any HDR. And HDR is just to have better colors, and I can tell you I have seem some great color schemes on some games.

Not exactly! Extra colour is part of the equation... But the big benefit is actually contrasts... I.E. The difference between the brightest parts of a scene and the darkest parts.
In short, colour and contrast goes hand in hand to make "HDR".

10-bit and 12-bit colour can reduce allot of the colour banding in games and makes the images seem more realistic... But I would be kidding myself if I could actually tell a massive difference between an 8-bit FRC display and a native 10-bit display unless I got really close to the display to try and discern the differences.
..But the improvements over a 6-bit panel is stupidly substantial.