Originally posted by Marc Sabatella Yes, but then you're still dealing with the increased noise in the shadow from the extra push, or clipping in the highlights if you didn't expose to preserve them. You'd need to combine two *different* exposures to get the same effect as a filter - and hence, still not the same thing. On the other hand, I'm personally perfectly OK with simply exposing to preserve the highlights and then pushing the shadows.
Mark, I'm not sure about the extra noise, You don't create noise in the shadows by effectively over recovering the shadows in the above method.If your original image was noisy, yes, you would pull them out but the most common image taken that you would consider using a ND grad is a landscape with low ISO and longish exposure due to the small aperture being used to get the best DOF. When I have used nd filters ,either full or graduated ,noise is the least of my concerns, but I suppose it depends, like all things, on the situation for each persons image.
all I was pointing out is as per the OP's question is that apart from judicious use of polariser you can get away with software manipulation instead of filters ,if you wanted to go down that route.
Alistair