I'm too new to Photomatix to answer properly, but in theory, you should have LESS noise than from a single image, unless maybe your images are very noisy to begin with. What size is our image?
How do you guys get such dynamic images without any graininess. When I use Photomatix (I'm still very new to it) and I save the image I create it gets a lot of grain, whether it's from one RAW or three different pictures.