I am highly skeptical about highlight recovery in any tool. Personally I don't think PV2012 does a good job, and I feel that avoiding channel clipping is a worthwhile effort.
I would wote for better histograms.
Just to say, I like Lightroom and PV2012 and it is a great product. It may even be that it does good highlight recovery, but I don't feel it is good enough for me. A real raw histogram would be nice and save a visit to RawDigger. Tools that you could trust would save a lot of time.
I would add that I am all in favour of ETTR but I think is perfectly OK to expose 1/2 stop below optimum.
So what's the consensus of this automatic highlight recovery? Isn't this ACR taking two good channels and building data in the 3rd? That's been the case for far longer than PV2012 I believe, but prior to PV2012, the recovery was rather ugly.