I've toyed with HDR in both Photoshop CS5 and Photomatix, and I've only managed to make a semi-respectable one with CS5. Photomatix is oddly unusable for me, since no matter what settings I use to tone map a 3 or 5 image HDR I always end up with an image with a strong blue, green, or red tint that I can't figure out how to fix. Tone mapping a single image for a "fake" HDR works fine, but the multi-image processing is really wonky.
However, now that I've started playing around with Nik Color Efex, I've found that the Detail Extractor filter sometimes give you HDR-like results with a simple click and dragging a few sliders. Color Efex is definitely my favorite new piece of software.