Instead of desaturating towards luma, we desaturate towards the
per-channel tone mapped version. This essentially proves a smooth
roll-off towards the "hollywood"-style (non-chromatic) tone mapping
algorithm, which works better for bright content, while continuing to
use the "linear" style (chromatic) tone mapping algorithm for primarily
in-gamut content.
We also split up the desaturation algorithm into strength and exponent,
which allows users to use less aggressive desaturation settings without
affecting the overall curve.