BTW a fellow has just made a noise test, by blending 3 RAW files from an Olympus E-510 using Photomatix 3, Zero Noise and only one of the RAW files developed with Perfect RAW (DCRAW):
25% crops (nearest neighbour to preserve SNR)
50% crops (nearest neighbour to preserve SNR)
The complete test is here. It is clear to me that Photomatix is not a tool focused on noise reduction (it didn't optimise noise reduction in the shadows nor recovered the nearly blown sky). It focuses on tone mapping but not in capturing the maximum dynamic range from the scene.