Hi,
OK, I did a few more experiments Pro vs Lite using Pentax K5 PEF files.
Here is another example:

- Left the Pro version and right the light one
- Pro-vs-Lite.jpg (472.51 KiB) Viewed 14785 times
Looking at it I thought perhaps it is not just a watermark with SNS-HDR-Pro that is being overlaid but there might me a slight gray overlay of the whole image - almost like a neutral density filter.
Then I checked what the screen of the Pro version shows me and the following is on the left the result of the pro version, in the middle the lite version and on the right a screenshot of the Pro version

- Left Pro, middle Lite and right a screenshot of Pro
- Pro-Lite-screenshot.jpg (419.19 KiB) Viewed 14785 times
As you can see the lite version always produces a brighter image with harder contrasts.
In the pro version I haven't touched any of the sliders and the command for the lite version is SNS-HDR.exe -dd -da -srgb -x4 -soft
So they should produce the same image I would have thought.
I am not complaining. I know lite is free so If I like the output of the Pro better I should just buy it - program developers have to live as well. Absolutely no problem with that.
I was just wondering.