I've recently tried using the Photoshop HDR feature. I have selected three different exposures in Lightroom and chose to merge them as an HDR image. All went well until the preview. I've found some settings that work really well. I've decided to go for the 16-bit path, not using Lightroom's 32-bit image capability, and let Photoshop do the tone mapping for now.
Here's what my preview image and the entire tool window looks like:
And this is the result one step later. It's totally over-saturated and has other merge errors. It basically doesn't even look similar to the preview. What's the preview good for if it doesn't show what I'll get? How should I decide what setting works good if I can't see it?
This is Photoshop CS6 x64 on Windows 7 SP1. The source images are 16-bit TIFFs as they were exported by Lightroom.
I have had the same problem for a long time. It's really irritating that the result in HDR is different than the preview. Adobe should fix it.!