It would appear that Photomatix were not aware of the 32 bit HDR in CS2 as they state that their program does not use masking techniques for HDR - neither does
PSCS2.
They also say re a single RAW pic the following:
Can't I just create the exposures from one RAW file?
Not really. That's almost the reverse actually. A RAW file can hold a larger dynamic range than a JPEG output. If you have used only one exposure to capture the scene, your RAW file is already your HDR image.
Converting the RAW file to JPEG images with different exposure levels is like taking several chunks of the dynamic range of the RAW image. Combining back the chunks into an HDR image will at best re-produce the dynamic range of the initial RAW file.
This is what Bigpond has to say re HDR and Lost Coast:
We're getting much closer to having Lost Coast ready to release. Originally planned as a section of the Highway 17 chapter of Half-Life 2, Lost Coast is a playable technology showcase that introduces High Dynamic Range lighting to the Source engine.
Once Lost Coast is released, we will include HDR in our future product releases. For instance, Day of Defeat: Source will feature HDR lighting for all of its levels the day it is released.
One of the fundamental pieces of HDR rendering lies in "dynamic tonemapping." In the Source engine, by varying the exposure of a scene based on how much light is visible, we can accurately simulate a range of brightness that is beyond what a computer monitor is physically capable of displaying. A real-world example of this effect happens every time you walk from a very dark room to an outdoor area with very bright sunlight -- your eye takes a few moments to adjust to the variance in the amount of light hitting the retina. If you have a video card that supports HDR, you'll be able to see this in the engine when Lost Coast is released.