I think HDR or not is not the point.
The point is the tools (aka flexibility) you give to the artists to do their job, which is creating something looking stunning. The more flexibility (given hardware and time constraints) the better. We, engine programmers, can't create something looking stunning, we should only make tools that the creative people use to "create".
Crysis is a fantastic example of this, in my opinion: give talented artists flexible tools and enough time to experiment and it's pretty much guranteed they will create magic.
When I say that the tradeoff is not worth it, I really mean that the flexibily you are not giving to the artists (HDR, specular color and so on) for the sake of more lights in the scene is, in my opinion, not worth it. The artists will come to you asking for more material parameters, for example, to do their job and you will have to say no. Saying no to an artist is something I personally never like. I love artists