More often than not I agree with you, but this isn't a case of HDR to extend the dynamic range.
Do you know how silly that sounds? Let me repeat what you said, without using acronyms.
"...but this isn't a case of High Dynamic Range to extend the dynamic range."
Hmmmm....
Now, the reason this sounds so silly is because people are STILL using the term HDR incorrectly. This image
is not HDR. It is tone mapped. HDR is a concept. Tone mapping is a technique. The technique used to get that look is called tone mapping, not HDR. You even basically said this in your post:
In fact I'd wager that the tone fits into a single exposure anyway.
Tone mapping is a technique that can be used to create an HDR image, but it is also a technique that can be used to create horribly ugly, un-realistic images, such as the one posted by the OP. By definition, this image is not HDR. It's not an HDR look. It is tone mapped. It is a tone mapped look. If you like the tone mapping look, then maybe this image looks alright. I for one cannot stand it. The technique looked cool to me the first, oh, one thousand times I saw it, but these last 99 thousand tone mapped images are getting a bit trite.
By the way, when Dieselboy stated, "If an HDR's done right, you shouldn't really be able to tell it's an HDR," he's completely correct. This image is not HDR, and it looks terrible because it's an over-processed tone mapped image. A true HDR image shouldn't have that look. It will simply have a dynamic range over what should normally be present for that particular scene.
Tone mapping != HDR