We've are compositing in rec709 as opposed to the default no-color space in AE, and when we switched to 709, it seems to be quite a bit brighter in gamma and offset.

Something I discovered is that not all Rec709 profiles are created the same - some have a technically wrong gamma. This includes Rec709 profiles that ship with Adobe products.

 For instance the profile named "HDTV (Rec709)" does not have the correct gamma curve - in fact "HDTV (Rec709)" seems indistinguishable from the sRGB profile!!!

Unfortunately there are many Rec709 profiles out there, with different gamma curves. 

The profile named Rec709-elle-V4-Rec709.icc seems to be one of the few correct ones out there. It can be downloaded here:

https://github.com/ellelstone/elles_icc_profiles/blob/master/profiles/Rec709-elle-V4-rec709.icc

This profile seems to have both the correct linearization at levels lower than 0.018, and the correct gamma offset that results (the offset results in a perceptual gamma that varies about 1.9 to 2.0 depending on level).

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