I like this one better than the 1st color one, but less than the b/w (and I don't really care for b/w.:-))
reason - still too "offset" looking, providing a fake 3d visual. If indeed all the exposures were shot on a tripod with a remote release, then something in the software is being over-compensated. It isn't just the color per-se - it looks like images are ever so slightly offset. (all IMHO of course)
I realize some of this is just a matter of taste (and to some extent perception) - but I would really like to see all the original images this was made from.
This is a single shot, And not converted into a hdr. All i did for post process on this shot is up the contrast, satration and vibrance. then used the fill light setting in camera raw to bring out the trees in the foreground. This wasnt tone mapped at all :)