A fine media for B&W, be it film, photographic paper or digital output or LCD display, should be able to reproduce the luminance tonalities of the "recorded" close to what they are perceived by human eye. There can not be a more important criteria for B&W than the gray-scala of a reproduction; that's why almost all prominent landscape photographers worked with large-format cameras: Sharpness as well as tonality.
Once it's reproduced in close-to-real tones then it's up to the photographer to "play" with the contrast, brightness, saturation, burning-in, dodging, etc., i.e. the "correct information" has to be available on the recording. In other words, the recording device should not realize it with compromises or by compressing the gradation; it's prime function should be to "reproduce" as true-to-nature as possible. (Similar to hi-fi in music...)
The above sample is from another professional, yo_tuco, who works with film, to demonstrate how tones are to be recorded close to what is perceived by eye.
(Once my D800E arrives I will test it B&W and side-by-side against my M3 with HP5 and Acros, to see how the highest dynamic range measured so far in camera industry would stand for tonality against a well processed 35mm film.)