I’ve been experimenting with RAW files recently.  For the shot below, I used the NEX-7’s exposure bracketing to get three exposures.  Then, using the brightest and darkest exposures, I adjusted the exposure compensation for each so that there were no clipped highlights for the dark exposure and very few clipped shadows for the bright exposure.  There was a 4.5 stop difference between the two exposures  I saved the results and fed those files into Luminance HDR using Fattal to do the tone mapping.  I got an interesting result almost immediately.  While I do wish the sky was a bit more muted, I do like how the foreground details turned out.

I got some reasonable looking results using Ashikhmin too.

And, finally, here is a quick edit where I blended the two layers together in GIMP: