Something I think you all will find very usefull, expecially for those who shoot action and therefor cannot blend exposures,
Back to the topic of White Balance (WB) and improving the Expose to the Right (ETTR) method.
The point of ETTR is to maximize the amount of the exposure which is in the most sensitive part of the camera's sensor without clipping the highlights to the point where the image is not salvageable.
There is a way to improve upon this --- apply the ETTR method to each color channel seperatly using a colored filter on the camera.
Ever notice that the noise levels in the shadows seem to be different for each channel?
We know that the RAW data is captured the same regardless of the WB setting in the camera. However we also know that the true WB of the scene does effect the ratio of light hitting the Red, Green, and Blue pixel elements in the camera.
Also, I suspect that there is another larger factor at play, the camera's Red, Green, and Blue pixel elements might have a different base sensitivity to light.
So I did a test. I took some RAW files (from the Canon 5D), one captured before dawn (blue white point) and one captured with indoor lighting at night (yellow/orange white point), and converted them using
dcraw, which can be used to simply dump the raw linear data from the capture with no white balance adjustments (into a 16bit tif). Basically so I could see exactly what the camera was capturing.
What I found was that the output tifs have a very green tint to them regardless of the scene's true WB. Also I have noticed that with the Canon 5D most of the noise seems to be in the Red and Blue channels (try shooting with the 5D's long exposure noise reduction turned off). The data supports the theory that the camera is much more sensitive in the Greens.
When you use ETTR, at least with the 5D, it is simply the Greens that limit how far you can push your exposure to the right. The Reds and Blues will still be exposed to the left and hence have much more noise than the Greens. The RAW converter when adjusting the WB is simply scaling the Reds and the Blues to increase the intensity to match the Green channel to the proper WB.
Now if I had used a Magenta filter on the camera to drop the exposure level of the Greens, it would push the exposure of the Reds and Blues to the right as well, providing a much better capture in terms of noise (at the expense of a slightly longer exposure time or larger apature, and having to hand correct the WB later in the RAW conversion).
Each type of camera, not sharing the same type of CCD or CMOS sensor array, probably has a different base sensitivity to the RGB channels. So you could probably run through the same method I did, and figure out the perfect type of colored filter for a given range of scene WB, to maximize the ETTR method for all color channels and get a much lower noise image.