Recently TrueHDR released an update and it seems to have resulted in much better results. TrueHDR has an automated mode that will automatically take 3 pictures at different exposures. It then merges them together and produces a pretty good image. They offer two modes via the settings menu, vivid and natural, depending on what you like. There is also a semi-auto and manual mode, which allow you to select the bright and dark areas of the image yourself.
This is an image I captured today that came out pretty good. I did nothing more than rest the iPhone on top of my vehicle. I will post the original images (it saved two) along with the final merged image.
Under exposed image which captured the details in the sky:
Over exposed image which captured detail in the barn, cars, etc:
Merged image containing details from the sky and barn:
These are the images straight off the iPhone. I decided to adjust the contrast of the final image to make it appear less washed out:
Unfortunately I didn't try to capture the same shot with ProHDR, I will try to do that in the future.