With current cards, no AA with HDR, probably simply b/c of the way they're wired (HDR uses FP blending, and the path that takes in the GPU rules out AA). AF is good to go with anything, though.
SM3 can allow for nicer effects b/c it offers higher limits to the developer, and also some extra features. The GF6 series is actually SM3+, and it's the + that allows for HDR in curent games. You might want to read Anandtech's first few articles on the GF6 series and the 6800U for more on the advantages of SM3 over SM2, and specifically of the GF6 over even SM3. The thing is, odds are ATI's SM3 card will also allow for FP blending, so referring to SM3 cards may really mean something beyond the SM3 minimum spec.