I've seen plenty of images I've taken that are exposed to the left and they are superior to those I exposed to the right. This is because the exposure is the camera's best guess for the scene. It is many times fooled into over or underexposing and only your LCD can show you that. The histogram will not guide you because it will look like the exposure is dead on, and then be visually blown out on the LCD.
Also, if you expose to the right, you can lose color saturation that RAW processing will not recover. So this ideas in theory is correct because it helps the sensor capture more detail in the shadows, but in practice, it can play havoc with your images.
As an example, I shoot many dusk and night shots, and I almost never get a nice, accurate exposure reading from my 20D or nor now my 5D unless I use something like center weighted, aim for the most average brightness of the scene, and have a gradual light to dark transition in the scene--something like taking a picture of a boat and it's mast about 10 minutes after sunset. But then if I expose to the right, I lose color saturation, although I may save detail in the shadows.
But then again, due to inaccurate meter readings, I may be exposing to the right and not even know it. That being the case, what I do is bracket many shots in these situations. After all, you are shooting digital now. It cost nothing to shoot brackets. It does take more time though, so choose brackets logically, not willy nilly, or you will end up with 100s of images to look at. That eats hours, and hours, and h. . . . .