If you're using RAW, then the in-camera settings have no effect (except sometimes, depending on the RAW converter you use, to set the initial defaults on the adjustments on the converter). The in-camera settings affect jpgs & tiffs, but not RAWs.
Lisa
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That is all very true. But (there's always a 'but' ) if you want to use histogram to judge your exposure, you'd want to set up colour space (Adobe RGB, instead of sRGB), and also contrast, white balance and saturation. These will affect the image preview in camera and how the histogram displays.
With correctly chosen settings, you'll be able to get a much better understanding of where you highlights and shadows are, and if there's any clipping in colour chanels.
To see what's best in different lighting conditions, shoot a target (GM colour checker is good for this) with different settings. Then import RAWs into LR or CR with Zero'd initial adjustements. This way you'll see how each setting will affect the histogram.
All this will be especially useful if you are using "Expose to the right" technique.
Left at factory defaults, the in-camera histogram will force you to loose at least half a stop of usable dynamic range, compared to what the camera is really capable of.
Allan
