I actually like underwriting, where you strip your prose of the more heavy-handed indicators of emotion and drama. You say, "Her anger," not "Her blazing anger," or you let the character's body express the emotion. Or you might use irony-- He got it. She was slightly pissed.
But remember the big moments should probably FEEL big. Not exaggerated, but as big as they are. You might achieve this by underwriting (I -love- it when a moment POWs with subtle language). However, there's a danger here. This underwriting at dramatic moments should be intentional (or effective, at least). You don't want to undercut by accident.
There are two ways you might accidentally undercut the drama of a big scene. One is placement. For example, usually the most intense emotional scene is positioned right before a big turning point scene, like the crisis. You want to work up to this, with a series of scenes building up the tension, then the Big Emotion, and then the Big Reaction. No burying it in the middle of the book between two low-key scenes. And reaction is essential. You don't want the reader thinking, well, the hero seems utterly unchanged, so it must not have been dramatic after all.
The other way to undercut drama is to use dismissive and undramatic language. Sometimes, of course, this can be effective-- if you do it well. But generally, if the hero is spurned by the woman he's loved desperately, or the heroine is defeated by a hated rival, or he finally comes clean on something he's been hiding, or she learns the truth about her parents... your prose should reflect the power of the event. This isn't the time to resort to cliche:
The jar was empty.
All those crumpled dollar bills, collected in twoyears of waiting tables on the midnight diner shift, meager tips from the drunks and the derelicts and the disappointed, were gone. Stolen.
Oh, well, win some, lose some.
Just as bad would be:
She was pretty unhappy.
Dramatic writing doesn't have to mean lots of pounding adjectives and high-strung verbs. Let the body show the emotion. What would be a good action or sequence of action to show her despair at finding two years of savings gone? She replaces the jar on the shelf. Then what does her body do?