Photoshop does a really good job rendering the HDR. Its fast and accurate.
However, unless you have photoshop CS5 the HDR toning is really weak, and to be honest its not even that strong in CS5.
Heres what I personally do, I render the HDR (or create it) in photoshop, and then leave it as a 32bit file. I save it as an Open EXR.
Then I open it up in Luminance, which is a free HDR software with a bunch of different presets, and adjustable ways to tonemap your HDR file.