If by 'fake HDR' you mean those HDR obtained from a single shot developed several times, I would tell you: ok, that is fake HDR, since no more dynamic range is being captured than that of a single shot. But I would also tell you those radiactive halos you see in 99% of the HDR around are not because of the 'fake HDR', but because of an incorrect use of the tone mapping tools. As Lazuka suggest, tone mapping tools have their limitations. A set of several shots with different exposures incorrectly processed will again produce that 'fake HDR' appearance you talk about.
IMO the only automated tool with results natural enough to see them as a photograph and not as a painting is Enfuse/TuFuse, which produces fairly natural looking images with a very good control of local contrast. TuFused images with parameter -B 0.5 just need a slight additional global contrast curve to obtain a very good result; but the hard task which is to exploit all local contrast was already done. Only some times, in local areas of the images, some dark halos can be seen but as far as I know they are always on the dark side (e.g. in a sky ending in the horizon, the halos will not be in the sky but in the land), so they are quite easy to eliminate manually.
Anyway, I think at the moment there is no better tone mapping tool than manual level adjustment in Photoshop. It takes _a bit_ more work, but provides reallistic results and you are not a slave of any HDR software from which you never know what to exacly expect.
BR