Schraubstock,
Thanks for the in-depth comments. You hit on another aspect of this picture that bugged me, and that's the halo. The combination of the halo and the ambient light direction versus masked sky lighting wes what I was referring to as "over-manipulated."
The image was actually processed as a RAW - there is no JPEG conversion anywhere in the sequence - and there was no HDR processing. All of the processing was done in Aperture, including some sharpening, with one important exception: the sky was done in OnOne's Perfect Mask module. Here is where the halo came from: it appeared during the masking process. I actually spoke to OnOne about this, and apparently it's the result of Perfect Mask's inability to mask cleanly when the boundary between the mask and the original is either not sharp or of low contrast. Notice on the rocks that there is no halo, because the contrast is sharp. On the person and on the mountains to the left, the halo exists because the darkish masked sky is too close in tone and color to the original pixels at the boundary. There is a threshold tool in Perfect Mask that attempts to control this but I don't find it's very effective. There are keep/drop tools that can be used to counter this, but again they don't discriminate very well when similar colors/tones are in play. Perfect Mask provides a blunt force chisel tool which lets you carve pixels out one at a time, so I could fix this.... if I had the motivation. :-)
FYI, here's the original, fresh out of the camera:
By the way, that's not a lake, it's a stretch of the California coast just north of Big Sur and south of Carmel. If you look closely you can see the famous Bixby Bridge in the background.