Hans, by adjusting the exposure you are defeating the purpose of shooting the brackets in the first place.
Hi Jim,
Not entirely. The 'exposed for the shadows' image(s) will have significantly lower noise than the 'exposed for the highlights' image. So what Hans is achieving is the creation of a better version of the highlights shot, that will stand subsequent post-processing much better than the single highlights shot.
However, you are correct that it is not the same as exploiting a floating point HDRI file, because Hans' version will become a low noise 15-bit/channel Photoshop file after merging the layers, while an HDRI can span a hugely larger range of unique (in linear gamma) values, which will allow more extreme tonemapping. Of course, before merging one can tonemap the shadows image separately, but that may introduce posterization and color issues (depending on the tools).
Also, I use LR/Enfuse to do the blending (merging) right in LightRoom.
Yes, that already uses some more of the HDR potential, although Lightroom can also do some useful stuff with a 32-bit/channel floating point TIFF. The size of the TIFF however, may be a discouragement to have it around longer than necessary (one can always remerge it, e.g. with the "Merge to 32-bit Plugin for Lightroom " from HDRSoft or their Photomatix application, if one keeps the original Raw exposure brackets around).
The merit of Hans' method is that it just improves the signal to noise level (esp. for the shadows) for a regular/natural looking image. The goal is similar to Guillermo Luijk's ZeroNoise method (but that is potentially more accurate). That already allows a bit more playroom, especially in the shadows, even if it isn't an HDR scene.
I personally like the level of control and tonemapping capabilities of real HDRI files, which is more flexible, but Hans' method is a nice approach as an alternative.
Cheers,
Bart