Roy, this is tangentially responsive to your question, though I don't do panos or HDR. I have my OM-D set up to auto bracket, at values of ) and +1. (The idea is that I can use the +1 file as an ETTR to cut down on the shadow noise, but can fall back to the 0 if the +1 blew any of the highlights.) To date I have not had to drop down to the 0 version for anything I've printed, what's blown is specular or near enough to so as not to matter. In fact I started out bracketing at 0 and +0.7, but bumped it up to +1 because of the lack of problems at +0.7.