Photomatix has the edge as a stand-alone application, but I find I get cleaner HDR results with HDR Efex Pro. I don't see the uneven skies in landscape shots that I sometimes got with Photomatix. The addition of Control Points makes HDR Efex Pro really tough to beat.
I also recently compared the two applications and came to similar conclusions. The biggest speed difference is the initial loading of images into Photoshop.
Another trick with HDR Efex Pro is to preview your images at 100% before saving them. The "fit to window" preview is not as accurate. I think many people are getting results with HDR Efex Pro that are too strong because the preview window tends to soften the effect of some tone-mapping methods.
Jason P. Odell, Ph.D.
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