This is a very interesting thread.
My experience would be very much that of the article to which Jonathan has kindly provided the link and not that of didger.
i.e. Shooting RAW in Adobe RGB, I have sometimes found that even though I have exposed fully to the right, the result is comfortably short of any clipping.
didger wrote, ''You can not only blow out individual colors sometimes without even a hint of this on the histogram OR the flashing warning blown pixels''
I must say that this has never been my experience. didger doesn't say whether he is shooting RAW or JPEG; but, if it is RAW and you are getting blow outs despite the histogram not indicating this, then this totally contradicts both my experience and the central tenet of the article referred to above, namely, that in RAW with the histogram as far to the right as it will go without clipping, there is still room to play with; fully 2/3 of a stop according with the 1D, according to the author.
I may be stating the obvious, but one point which Michael clearly makes in his article "Expose (to the) Right" is that an image shot using this method will *look* overexposed on the monitor.
He writes, "Now of course when you look at the RAW file in your favourite RAW processing software, like Camera RAW, the image will likely appear to be too light. That's OK. Just use the available sliders to change the brightness level and contrast so that the data is spread out appropriately and the image looks "right"."
I shoot a lot of artwork for catalogue. My main issue is colour, needless to say. I always expose to the right and , occasionally, I have to be very careful that tiny specs of white paint in an otherwise dark painting don't blow out. These can be almost invisible both on the histogram - because they are rendered only as a tiny line on the right hand toe of the histogram - and as blinking pixels on the screen.
I always include Kodak colour strips in the shots and these always look washed out on the monitor. I find the colour from my 20D RAW files processed in DPP to be extremely good. Much better than film. I find that only brightness and contrast need to be adjusted. But, getting the right density on the Kodak grey areas is tricky. If anyone has a formulaic way of getting this right, I'd love to know. Currently, I am adjusting the grey until it looks right on my calibrated monitor. But, I'd like to be more scientific about it. Please!! ;-)
D.