Since so many are chiming in with their opinions on this topic, it is perhaps practical to add mine. I think that Rags has the right idea but I also think the placement of highest important value should be relative to the number of tones the output target can support. A zone V placement may or may not be appropriate for some papers and the scene's range should be kept in mind.
The goal in digital photography as I see it, is to distill from the total number of tones our capture device records, the correct number of tones for the target we've chosen. This correct number of tones needs to have a progression that illustrates the emotion the shooter wants to imbue his image with. This means the total contrast has to be correct and the local contrast has to be correct. Perhaps the best conductor of tones we've ever seen is Ansel Adams. Would Ansel make a grade 1 neg for grade 5 paper? Not likely, at least as far as physics is concerned. A grade 1 neg has way more tones than grade 5 paper can render. Consider that the expose right crowd is making a grade 1 "neg"/file for every scene and every target. The mantra is "get all the data". When faced with the idea that you will never be able to render all these tones on some reflective targets, what's the point? Why not capture the number of tones that you want?
This capturing of tones is problematic, when faced with a histogram for a report of where the highest important tone to you, resides within that histogram. Good luck finding it in the data stacks. The reality of the histogram suggests you cannot place an important value; all you can do is make sure you don't saturate the image, so that's the ritual. Give the scene as much exposure as you can, and head for Photoshop.
Rags' contention that less exposure may be better has it's roots in manufacturing a specific number of tones for a picture rendering. While zone V is drastic for some scenes and targets, it's not all that unbelievable for some capture devices. Why? Let's compare the number of tones in 12 bits (4096) with the signal-to-noise ratio of a high end camera back (4000:1). We've got approximately 4000 units in each comparative and the equation suggests that the noise in 12 bits is approximately 1 bit. In 12 stops of range, zone I has noise (0 is black) and the others are noise free.
For a normal scene (for example, let's say it's a 6 stop scene), one could expose right, place the highest important value way high with the histogram and no zone in the scene has noise. One could also expose the highest important on zone VII, and no zone in the scene has noise.
Editing these two pictures will be different. If the highlight needs contrast, you're stuck with Photoshop's special features like Hightlight & Shadow; since you can't increase highlight contrast without depressing the curve below the highest important value-- there's no room to map the high value upward with more contrast. Depressing the curve depresses tones while it adds contrast below the highest important value, and it flattens the shadow. If you're thinking that here's a great way to sell a software feature like Highlight & Shadow, you're right. Of course there's always the layer masking, selection based, high bit, gotta have a $2,000 monitor, post production gymnastics that the expose-to-the-right crowd is proposing, but does that fit the regular Joe's budget? If it does, you may be a proponent of expose-to-the-right.
If we look at the zone VII exposed highest important value, there's flexibility in mapping this placed value upward to the print target's highlight. You can add contrast, or you can smoothen the adjacent values; it's your choice. And, all the tones below are stretched in proper context, appropriately emotional, with the resultant tonality quite filmlike and unlike the overprocessed, artifical, and invasive edits common today. With many shooters, more edits, layers, masks, and complexity equates to a better picture. I don't agree, I'd still rather see one of Ansel's best, compared to the modern digital ethic's "best". A trip through several of today's modern photo rags will illustrate my point on overprocessed imagry. Very little of it looks real.
If you don't possess a 4000:1 capture device, you may be relegated to "expose to the right". If you have one of these better performing devices, do some testing and see if you like the result. The pictures will look different, only you can decide if you like the result.
We're early on in the digital photography evolution, we've been at it for only 20 years. At first we didn't have enough tones. Now, we have more than we can print. Between these ethics, we've struggled for more tonalty and now that we have it, we've become complacent by ritualizing the sending of too many tones. As we progress, it's practical that we'll all discover that the true craft of all this technology in making truly emotive images, is best acheived by making the right number of tones for what you want to visually say.
Richard Chang