Here is an example of what you can get from a simgle RAW (or in my case NEF) format image.
The image above is a JPG image that was produced from a single NEF (RAW) format image form my D70. I sweetened up the levels a little, the original is real dark.
The exact same NEF (RAW) image as the first but I created seven PSD files from the image (ev -3.45 to 3.45) and then made an HDR image from them. The results are fantastic. From this I have learned that I’m going to need a bigger CF card and a larger hard drive to store all the NEF images on that I’ll be shooting from now on.