You can't achieve TRUE high dynamic range on any of the current consoles since they don't have floating point data types for fragments/pixels. You can certainly hack something that sort of looks like HDR on all of them though. A simple flare around lightsources done with a textured screen aligned quad is a simple way of faking HDR and film exposure. Quake 3 did HDR on the gfx cards of yore by twiddling with the gamma ramp to exchange precision for higher dynamic range. But by definition of what high dynamic range means, you can't get it with integer math (unless you use a ridiculous amounts of bits for your datatypes).
And as regards to environment mapping: Cubic environment mapping isn't very usefull for calmer waters (i.e not big choppy waves at sea). Objects close to the waters surface will have their reflections all screwed up. Mostly reflection of this type are done by rendering the objects above the waters surface to a texture, mirrored in a plane that apporximates the bumpy water. Then you do some texture twisting magic to gem what looks like reflection/reffraction. The gamecube can obviously do this.
And as regards to environment mapping: Cubic environment mapping isn't very usefull for calmer waters (i.e not big choppy waves at sea). Objects close to the waters surface will have their reflections all screwed up. Mostly reflection of this type are done by rendering the objects above the waters surface to a texture, mirrored in a plane that apporximates the bumpy water. Then you do some texture twisting magic to gem what looks like reflection/reffraction. The gamecube can obviously do this.