Quote: You can't view an HDR image on low dynamic range devices (monitors, projectors, prints) properly as the dynamic range is too high.
What else is there?
If a monitor can display all tones from pure black (255) to pure white (0), what else is there? The camera cannot record anything outside this range, so I am still confused by your statement. HDR is simply a compilation of the best data from both ends, with the detail retained. The limited dynamic range of a camera can either retain highlight detail and block up shadows, or retain shadow detail and burn out the highlights. The monitor can display both extremes, so the combined images display as expected, surely? Otherwise there would be little point in the HDR excercise in the first place. Boom Boom
A monitor can only display each RGB channel in 255 discrete steps - 8 bits per channel, 24 bits overall. An HDR image has 32bits per channel - considerably more detail is possible between the extremes. This is high dynamic range. To view such an image properly you have to compress the dynamic range down to 8bits per channel by tone mapping.