Another approach altogether is to open the image in Camera Raw or Lightroom and use the excellent tools for adjusting highlights and shadows in the Basic panel (Exposure, Recovery, Fill, Blacks) for achieving the end result you want, then export the image back to Photoshop. You can do this with TIFFs, PSDs, JPEGs and of course raw files. Making maximum necessary use of these tools at the raw processing stage of course vastly reduces the need for a lot of gymnastics in Photoshop afterward. Not to say the other techniques don't work, but try the easy way first - which in this area happens to also be highly effective a good part of the time.
That's why adjustments like Fill and Recovery are cautioned to be used with a light touch and if something more extensive is required, another method is better used.
Martin Evening in his Photoshop Lightroom book.
See the note on page 274 of the Lightroom 3 book. He notes that the 2010 improvements to LR have changed things with respect to the problem that you note.
Anyway, it's not worth getting into a urinating contest over.
All I was suggesting is that it's good to maximize the appropriate use of these tools before doing more esoteric stuff in Photoshop.