Either I'm crazy or everyone else is :) You still have lost information with 20 bits. There are an infinite number of levels of light between the darkest and the brightest. With 20 bits you can represent 1,000,000 steps between darkest and brightest. Why do you need to represent 1,000,000 steps? Why does it matter that the brightest is 1,000,000 times brighter than the darkest? 20 bits lets you represent ones times brighter, two times bright, etc up to 1,000,000 times brighter, but what about one-and-a-half times brighter? You can't represent that in 20 bits. Why doesn't that matter?
The article says that the highest light level in a scene is 1,000,000 times brighter than the lowest. It does not say, or even imply, that you can see the difference between those levels of light to a one in a million, which is what 20 bits needs.
Can you see what I mean? The factor between the lowest and the highest is entirely separate from the question of how many levels between you can see, which is what directs how many bits of resolution you need.