Thanks for the link. For me, it ultimately comes down to how the dynamic range is distributed. The link you provided works very well for situations where the bright/dark layers are highly intertwined or intersect with an unusual geometry. It uses something called "contrast masking". Although that article referred to a plugin from FredMiranda, contrast masking can also be easily performed manually. I will put up a tutorials page on this, here's a quick overview of the steps in the meantime:
(1) Start with two images, each at a different exposure. The difference in exposure should be set so that the dark areas are properly exposed in the higher exposure version, and the light areas are properly exposed in the other lower exposure version.

(2) In photoshop, layer the darker exposure on top of the lighter one.
(3) Create a layer mask for the top layer.
(4) Copy the brighter image, then paste it into the layer mask for the top layer.
(5) Apply a gaussian blur to the layer mask with a blur radius that serves to increase local contrast, while also not making halo artifacts too visible. It helps to have the final image showing as you adjust the radius so you can quickly see the impact of blur radius. For most full size 8MP images this is somewhere between 50-250 pixels. Your layers in Photoshop should not look as follows:
(6) You're done! Just flatten the image:
The biggest disadvantage to this process though is the halo artifacts. These are more and more difficult to avoid as the difference between the dark and light exposure increases.
Overall this is the rough equivalent of using a graduated neutral density (GND) filter whose shape has been customized to best suit your photo. With film, some photographers would use a combination of linear and circular or other odd-shaped GNDs to get a similar, although inferior, result.