It is true that late model high-end cameras have better and better dynamic range however it is not true to say that merging images for the purposes of extending dynamic range in Ps or another application is redundant.
As for the result - that is in the hands of the operator. If you don't like the grungy look don't go there. It is a complete fallacy that the "grunge look" is an inevitable consequence of using merge to HDR software.
My current workflow is to do lens corrections, merge to HDR, save the image as a 32-bit TIFF and then re-import that back into Lr4 where I do all the tonal manipulation as well as other changes. Using Lr for tonal manipulation is so much more intuitive and easy. If you have planned the original exposures well an excellent result completely devoid of the grunge look is possible.
Obviously, if I can get the result I want with a single appropriate exposure why go to the trouble of HDR workflow.
Regards
Tony Jay