The first one looks more natural. The sky seems wrong somehow in the second, and that lovely glassy-ness is gone in the water. What I've done in similar situations (flat sky) is convert from raw getting everything else looking about right (as you have in the first one) and then done selective levels adjustments to the sky to make it more dramatic. You could do other adjustments to just the beach, or the water, to "fake" the DR of your eyes. I'm still just learning photoshop, but it's amazing what you can accomplish with just a few of the basic tools! Adjustment layers are amazing - you can turn the effect on and off, alter it... in other words, waste even
more time!
Julie