Although your example is decent, this technique loses against real hdr (making multiple exposures of The same image at different exposures) 100% of the time.

If you let the shadows fall where they may....you have noisy shadows - even in this example.

When you use HDR to cover the shadows, and the highlights and the midtones, it only stands to reason that the file will always have more info...thus better.

Royce Howland and I recorded a podcast that describes problems like noise and how to beat it. (with HDR )
http://www.photography.ca/blog/2013/...ic-aberration/
Hope that may help