Tom Hogarty's Lightroom Journal explains how the "magic" in the beta of Lightroom 4 generates HDR photos "without introducing artifacts or over-the-top faux-HDR effects." The same feature will be available in Adobe Camera Raw.
The magic boils down to something called Laplacian filters. Whatever you call it, it should make it much easier for mere mortals to create high-dynamic-range photos that look good, rather than fake.
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