Here's a screenshot of an experiment I was doing with HDR rendering. The method uses standard 8-bit integer framebuffers, compressing the HDR data using a format called RGBdiv8. This allows me to render HDR scenes very quickly with little degradation in quality (Theres is some slight banding in the skybox texture, but it's hardly noticeable). It's also good for storing HDR assets (The skybox texture is stored in RGBdiv8 format using PNG images, and is stored as RGBA8 on the graphics card). This format can be linearly filtered as well, a plus over other 8-bit compression formats such as Radiance RGBE. You can also have anti-aliasing + HDR enabled on all cards that support the EXT_framebuffer_multisample extension. This method is much faster than using floating point frambebuffers, so it will play nicely with even mid-range D3D9 cards. This is the look I'll probably base my game on when I get to that point.