have been talking with Ram about this, i don't think so, but i don't know for sure. the source code for HDRComposition shows a rescaling of each image so saturated areas should end up as 1.0 internally to the HDRComposition process.
the cause of this is of course that almost all DSLRs have 14-bit sensors and PI reads this data in such that saturated pixels have the value 0.25. so in fact i wonder if your original CR2 frames were opened as "pure raw" in PI, because they all show saturation values near 65535, and i'd expect closer to 8191.
i do however think there is something funny going on with HDRComposition. first of all things don't seem to work right at all on the 3-plane images. and even when i run with HDComposition on each channel separately, i always end up with one bad "band" which is the result of the merge between the first and 2nd images. i need to upload some of this data for Juan to take a look at because something does seem off.
rob