Sounds like you load your HDRi with wrong gamma (bleached look might refer to 2.2srgb instead of 1.0)
HDRi works flawlessly in Corona, I use it out of the box without any tweaking or setup. Just put into environment and that's it.
If you're past Vray user, you can use VrayHDRi loader for map, it loads your HDRi with correct gamma 1.0 automatically, if you use Max Bitmap, then you have to specify it. If you have Max2014 it will auto-load your gamma correctly as well.