What exactly is "Extended Dynamic Range" anyway? I've heard that term before and still don't know what it means.

As for the varifocal 5-50mm lens, dealers are always trying to sell it that way. Most of them don't have a clue on how to pick a lens size so their way out is varifocal. Don't get me wrong, they work great, but they are always more expensive. If you are new to cameras, it's a good way to do it.

As for no IR, like Mac stated, you will need some good lighting then.