Having become aware of how LR now maps tone images, I have revisited some of my images that have blown highlights.
In some cases, it would appear that the new behaviour is less useful.
For example, in one image with 2010, a large section of the sky was a blown highlight (i.e. red.)
With 2012, a large section of the area that was red is now just an off-white colour.
In this scenario I'm not sure that the new behaviour is actually better - if anything, it is actually deceiving.
That said, in other images the new behaviour is better. Probably there are more of these images than those where it is creating misleading results.
The attachments show import with 2010, converting that to 2012 and then applying an auto tone to 2012.
I've also added 2010+auto.
What is really striking here is that 2012+auto has thrown a lot of shadow highlights around the tree on the right of the image away and whilst it has achieved less blown highlights, the end result is of questionable value and possibly worse (the really sudden dithering from light blue into off white.)
To be fair, this isn't an image that I marked as a "keeper", it's marked for garbage collection and just hasn't been thrown out yet. However it does serve to highlight the changes in tone mapping from 2010 to 2012 with respect to highlights and shadows.