Most cameras now can capture at least if not more than 2 stops up and 2 stops down of information in one exposure.
I'm not sure I understand you. Are you saying that most cameras can do in-camera HDR with three exposures, at least (-2, 0, +2) or wider, to produce a single image? (Which I imagine is probably the case these days.)
There does seem to be a leaning towards taking 5,6 or even 9 exposures but for realism in a photograph do you really need to take all those.
As many as that, possibly not. But more than one, sometimes yes. If the dynamic range in the scene is greater than the dynamic range the camera can capture with a single image, then you need more than one shot in order to cover the dynamic range of the scene. That is, unless the camera is doing in-camera HDR. But for my cameras that do have in-camera HDR I have found that it is not sufficient for some quite ordinary scenes with bright skies.
There is also the issue as to whether 3 shots covering a wide range (eg -3, 0, +3 or perhaps more) provides enough information for HDR software to work at its best. I just did an experiment. I used Photomatix Essentials to produce the left hand of these two images using five shots one stop apart. The right hand image was produced using the same settings in Photomatix, but using just three of the shots (-2, 0, +2).
(You'll probably need to look at full size versions to see the differences. Click on an image and then right click on the image that you see, and select "Original" size)

5-shot HDR versus 3-shot HDR comparison by
gardenersassistant, on Flickr
At this size they look very similar; identical perhaps.
But look closer, and you can see differences. Here is part of the sky at 4:1. The tonal gradations are better in the 5-shot version.

5-shot HDR versus 3-shot HDR detail comparison - sky at 4 to 1 by
gardenersassistant, on Flickr
Here we are looking at some windows at 8:1. The 3-shot version has much heavier artefacts.

5-shot HDR versus 3-shot HDR detail comparison - windows at 8 to 1 by
gardenersassistant, on Flickr
Are these differences significant, given the magnification we are using here? I don't know. The amount of cropping might make a difference Would other images exhibit greater differences between versions based on different numbers of shots? I don't know. But I think that to be on the safe side, and where it is practical, I will continue to use 5 rather than 3 shots. For images with even higher dynamic range I might well use 7 shots.