OK, yikes! Upgraded and trying to use Lumetri but seeing these huge problems right off the bat.
1.) Applying the Lumetri effect creates a physical offset in the image - as if I'd altered the vertical Position of the layer. Never saw this in the previous version.
2.) Behavior of the controls has changed - when I turn on High Dynamic Range and adjust HDR Specular, the HDR specular doesn't move - the brightest values in the HDR scopes don't move, but values midway between 10 and 100 IRE move. This is drastically wrong.
3.) Adjusting Whites or Highlights adjusts the entire luminance range, like a Gain control, instead of only adjusting the whites or highlights.
In short, this seems like an unusable disaster in After Effects, haven't tried it in the new Premiere.
On late 2013 MBPro Retina, 10.12.4, 16GB RAM, GeForce GT 750M, project is in 32 bit mode, Rec 2100 PQ (because where did UHDTV settings go? Other thread), Blend Colors Using 1.0 Gamma ON, Compensate for Scene-referred Profiles ON, Linearize and Match Legacy OFF. Using Mercury software only not OpenCL nor Metal due to huge frame size in comp.
Oh! One thing learned- you HAVE to turn on "Linearize Working Space" in Project Settings/Color settings for it to not physically offset and get the HDR specular tool to work as expected.
Blend Colors Using 1.0 Gamma is used when color management is off to enable linear light for blending. If you set PWS, use linearize checkbox as you had discovered. Also, don't set Compensate for scene-referred profiles to On.