I said earlier I would updated VTFEdit with improved HDR capabilities, and today I've made good on my promise adding Tone Mapping to VTFLib. Tone Mapping is the process of taking a HDR image and converting it to a LDR image for regular viewing. This is useful for previewing how a HDR texture will behave in game (see the below picture). More work still needs to be done for HDR texture creation.
As always, you can grab the latest release here.
New users can register here.