I don't think it so much changes the colors, rather, it layers them. At least that's what I think happened to the sky. I've been shooting long exposures after sunset to get more of a richness to the colors, and I like to bring that out (like in the forground). I think I over-saturated in the hdr generator. It was a little hazy, but the haloing got out of hand.
I reprocessed the multiple exposures and it came out like this;
It looks more natural, but I totally lost the sky.
Your third attempt is much more pleasing. I never rely on software to make my HDR pictures. It's for the same reason I don't shoot jpg. If I'm going to make a picture with extended dynamic range, I shoot 2, maybe 3 exposures in RAW, and put them together myself in photoshop. That way I can pull out the dynamic range where I want it, and where it makes sense.
Once again, your last version is very nice in terms of dynamic range, and colors. I might rethink the crop however. There seems to be a bit too much foreground for my tastes.
Sounds/looks like a good idea getting away from the .jpg- Thanks!
Krestan, actually you're correct. The area, as far as the mountains in the horizon, were, for millions of years, part of an inland sea. The sea shrank into a lake, and the lake dryed up roughly 10,000-20,000 years ago. In an overall relative scale- ... what you said.