You come a long way using RAW. I use the free version for Nikon and it let me adjust EV 4 steps! (-2 to +2), lift shadows, adjust highlights, contrast, colors, color balance etc. etc. All that without "destroing" the photo like editing a JPEG. One could almost get the same effects as if using HDR (of course without the extreme HDR effects and photo mapping).
Did a quick editing of one of my photos from Duxford. Original photo in RAW, a bit dark so I adjusted the EV up a bit trying not to blow out the highlights. F4U frame still dark so I lifted the shadows 50%. Added a tad contrast to get a shinier look on the air frame and also a tad reduced highlights to tone down the brighest clouds.
Before:
After:
I also tried Photomatix free version long time ago. It was before they put a watermark on the edited photo. I tried to do a so called fake HDR i.e. taking one photo (with my old 5MP Sony W-1), made three copys in PSP, where one copy is -1 EV, one 0, the third +1 EV. Merged them in Photomatix and let the program do its job. Works pretty well, but the best way, the "correct" way, is to capture three or more photos in the camera, make the adjustments in the camera (-1 0 +1). Of course you have to have the camera on a tripod so the photos are aligned from start. Photos below was editied in Photomatix free version back in 2008 (photos was captured earlier than that) with fake HDR which resluted in: