I would submit that there is something wrong with the OP’s images. They are not representative of a 4-stop increase in exposure compensation.
There was a discussion on exposure compensation over at DPR back in December. Here is a link to the images that were used in the final experiments.
http://gregorywilson.smugmug.com/gal...38516662_rzo7p
What we found was that applying 4 stops of EC to an underexposed ISO 200 image was nearly as good as the ISO 3200 image, taken at proper exposure. The high ISO image was better (we supposed) because the gain is applied to the analog signals from the sensor. So EC applied during RAW processing suffers from quantization error. However, it wasn’t anywhere near as bad as the OP’s images would suggest.
Here’s a sample I just snapped. The image is of Canon’s 4x6 Photo Paper Glossy box. My camera only goes from ISO 80 to 800, so the test is limited to 3 stops, between 100 and 800. These are screen captures from the RAW processing software.
There's not much difference between the two. As for dynamic range, it is as McQ says. The OP’s images were properly exposed at ISO 1600, so you wouldn’t expect the highlights to be overexposed. That doesn’t mean that high ISO has more dynamic range. Also, just because computer software can’t do as good a job applying gain as a camera can, that doesn’t mean that the original underexposed image doesn’t contain a greater dynamic range than the high ISO image. It does...it’s just too dark to see. The bottom line is that due to the results of many tests, performed by many people, it is well accepted that high ISO images have less dynamic range.