Light Falloff In Unity

Hello,

I've done a lot of lighting in Maya/Mental Ray and have been confused about how light falloff in Unity works. It seems like the only correct falloff for light is quadratic which is why the "range" function is confusing to me. Shouldn't the range for light be infinity with an inverse square falloff. I understand why there is a range because dynamic lights shouldn't be affecting every object but how does that compatible with physically correct fall off?

Also I thought I heard that Unity was using quadratic but that's confusing since they just introduced Gamma-Correct rendering and prior to that quadratic lighting would have look very contrasted in Unity which it didn't. Any details would help, thanks.