I'm back in town after a month away and just came across this thread. Interesting stuff.
@TheJez-
My take on all this that you are spot on. You describe accurately how the new "32-bit recorders" operate, which might be more accurately described as those which "automatically switch between multiple ADCs" regardless of what output format they are instructed to write (32bit in most but not all cases). The most significant operational difference with the R-07 is that it simply stores the two resulting files that were recorded through parallel signal paths with different gain settings and does not do the "automatic switching" and combining part. As you speculate, the automatic switching and choice of file output format could be done afterward on the computer as a post-processing step. Would of course need the appropriate software routine to do that automatically to a similar standard of quality as achieved in the "32bit recorders". The "magic" of the process is probably routed in the details of the switching comparator routine.
As I understand it. Zoom and Deity "32 bit recorders" auto-switch between two ADCs, so the scheme you describe using the two output files from the R-07 would be most similar to their approach. SoundDevices apparently switches between 3 separate ADCs. Same idea, different implementation particulars.
Note- Some folks mentioned the noise floor of the 'safety track'.. there will also a more elevated noise floor in one or two of the multiple ADC paths through any "32 bit recorder". We just don't notice it because the switching between those paths is done automatically. When the SPL is low the channel with a higher noise floor is not in use, when SPL is high it masks the noise.
@Niels-
I also was unable to find any additional information on the "hybrid limiter" function of the R-07. Although it refers to p16 of the Reference Guide for more details, neither that page no any other in the reference guide, user manual, or system update summary has any mention of the "hybrid limiter" or its method of operation.
However, this gives us some hint-
* The Hybrid Limiter function does not operate when Rec Mode is set to "2xWAV (Dual Level Recording)."
That makes it sound like it might be using both parallel signal paths (when they are not already being employed by Dual Level Recording), and automatically switching between them as required. That is indeed quite similar to what the "32bit recorders" that automatically switch between multiple ADCs are doing. It may represent an early version of something very similar. I suspect the difference is in the sophistication of the automatic switching comparator.
20 years ago I schemed about a method of recording automatic markers that noted when gain was manually adjusted during a recording and by how much. That information could then be used afterward to automatically find and "undo" those manual gain changes as a post process in the DAW. Additionally, that functionality could be combined with ACG to provide an end result similar to what the 32bit float recorders are doing today. Rather than using multiple signal paths through the recorder and combining them in real time or afterwards as a post process, it would instead mark and record all the automatic gain changes, so as to undo them later. Requires immensely less data storage that way as the only thing additional being stored is the marker positions and gain values. Conceptually similar to what a compander does, or at a more fundamental and abstract level, how the representation of SACD data values works.