On the Nikon D200 the bracketing function actually takes the number of exposures which you have set up to a maximum of 9. It can also take them in 2 or 3 different orders eg. 0, +1, -1, +2, -2, +3, -3, +4, -4 or +2F or -2F or +3F or -3F
It can also adjust the exposure compensation between each shot in 0.3EV, 0.7EV or 1EV steps
You can even set it to timed exposure where the camera on a tripod will take all 9 shots in quick succession by itself, I have done this for some HDR night shots and it was very successful. Do you know that you can merge more than to just two exposures into an HDR composite, but ideally they should be 2 or more stops apart. You could for example take the 9 exposure bracketing above and merge the -3, 0, and +3 shots, or the -4, 0, and +4 shots
The resultant file is in 32bit format so you can do some limited editing. For more adventurous editing you can compress the dynamic range by converting it back to 16bit format. The most difficult bit is adjusting the curves to get natural looking tonal graduations.