I play with shaders. Yes hdrish is my favorite one, but if you find hdrish too overpowering, there is actually an hdrishlight smartshader. I haven't tried the light one, but i imagine it wouldn't be so brilliant. On the other hand, as far as people here playing with smartshaders, there's like one or two people maybe more, who do. It makes the game look really nice, go check out the cool wallpapers thread, or the 3.6.8vp screenshots thread. You'll find a ton of great looking screenshots enhanced perfectly with hdrish. As far as hdrish being too brilliant? Well, you have to remember that the sun is a lot more brilliant outside of an atmosphere. But, the only thing i don't like about hdrish is that is fake hdr's your hud too. And because of that engine flares from other ships can completely obscure all aspects of your hud.
Anyway, Raa is sort of the enemy of hdrish, which is fine in all respects. Everyone has a gripe or two about the smartshader.
Can't use it on nvidia cards, the fact that it's not real hdr, it fake hdr's everything(which means the things it shouldn't fake hdr like the hud and game menus), and the fact that it really is too bright.
Try looking for the hdrishlite, or hdrishlight, whichever it's called and see if it's better. But if you ask me, the current hdrish smartshader for fake hdr effects is fine enough, when you complement it with good flag settings, which i thought made it a good deal less bright while maintaining all the beautiful glow.