There is a role for dedicated HDR software, or for a multi layer masking/brushing approach to achieve an HDR effect. But LR4.1 really does go a very long way to delivering great outcomes from a single file.
Another use for these LR4.1 strengths is to flatten out very high contrast images. I'm currently working on files shot for an anniversary event at a steelworks which was outdoors, in bright sun across the middle of the day. Fill flash & HSS and careful use of backlighting helped a lot, but a lot of shots are very tough high contrast killers. The sliders in LR4.1 are truly extraordinary for retrieving images like these, a sort of HDR process with the intention of stretching the dynamic range of an image from being unusable to a half-decent deliverable image.