Two points and a question:
1. Most (all?) RAW processors have the ability to bring back "blown" highlights. Just yesterday I was shooting in bright daylight and couldn't get ETTR exposure to acceptable levels without risking severe shadow noise. LR "Recovery" allowed me to pull back almost all the data in the blown clouds. I haven't done tests to see how "good" the data is, ie. how much color shift there is, yet, or how much leeway there is.
2. Bracketing is generally faster than tweaking an exposure using a histogram. Not as accurate of course, but faster.
Question: it seems that some are implying that white balance affects RAW - which I thought was not the case. I just checked my Canon's manual and it specifically says RAW allows me to change WB in post without degrading image quality.
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If you did recover "blown highlights" from your raw image, then they were not blown to begin with. Once the tonal value reaches 255, or in the case of 12 bit/channel 4,095, then it it blown and blown for good and forever. No amount of post processing is going to recover that tone, and how could it? Perhaps the in-camera histo showed "blown" but it actually may not have been. By the way, when shooting raw, WB and other settings don't effect raw directly, however WB will influence the exposure as shown on the histogram. One doesn't have to get it perfect when shooting raw, but getting it close would show benefit.
As to WB and the Canon manual, you misunderstand my comments. I never said shooting raw and with the wrong WB is detrimental to the image, nope never said that. What I did say is that if you shoot with the wrong WB, it WILL EFFECT EXPOSURE, and that might mean an EV that is not beneficial to your particular picture. For example, if you take the same exact shot 5 times with 5 different WB settings, the resulting 5 histograms will be different. So your Canon manual and what I wrote are both correct.
Bracketing is not that much faster, and if it is faster and less accurate then why even do it?...if you practice, you can adjust exposure on the fly and very fast. I've never blown a shot by applying EC. Applying EC per the histogram is a lot more accurate, and a shot worth taking is a shot worth that accuracy, yea?