Tony’s latests effort, version 4, is, in my humble opinion, simply, the best and most powerful LM-based tool you can get.
As usual there is little value in me repeating what you can read on Tony’s site: so I’ll simply point you to his web site: http://www.goodlight.us/writing/actionspanelv4/panelv4.html
Bottom line: if you haven’t explored luminosity masking, then I recommend you have a look at the latest version of Tony’s Photoshop panel. If you already use luminosity masks, then you should also look at what Tony’s latest panel can do for your workflow.
These two images, the Magic Lantern Dual-ISO and Auto-ETTR image RAW and the final image, processed with the help of TK-Action V4, give you a feel of what is possible.