I recently spoke in great detail to the creators of clip wrap, and what we discovered is that quicktime is simply misinterpreting the data of superbrights and sub-blacks in the mts files. However, your solution of using full range on 5dtorgb is actually compressing the original full range of 0-109 IRE and compressing it down to 0-100, actually tossing out data just to compress down the superbrights and lows. What you should instead do is convert it with the origianl 0-109 IRE and inside your NLE, adjust the clips to proper clipping of 100 IRE, as to not just compress and toss out the data from the original file. This is somewhat difficult to put into words, so I hope I am getting my message across. The cliffnotes is that while "full range" in 5dtorgb looks better at a glance, it is achieving its results by throwing away data to compress down the IRE. You are better off translating over the entire IRE range and grading/correcting the values to the proper 0-100 IRE range for presentation.