Very interesting posts, thanks everyone.
I've been using the A7RII with 100+ zebras and standard picture style, looks like I can be a little less conservative - at least I should be safe with +1/3 of a stop when the Zebras appear, and maybe even more.
As always in fluid lighting situations I'd rather play safe than sorry even at the risk of losing shadow detail- highlight detail is generally much more important to me.
ETTR is definitely the correct principle, but I'd rather be two thirds of a stop under and definitely not have any clipping than a third of a stop over and have one channel start to fry. Even at the expense of wasting a considerable amount of dynamic range and increased noise in the shadows.
One of the great things about the A7RII is that it is a low noise sensor with wide dynamic range. It's a lot more forgiving of underexposure to protect the highlight headroom as a result.
The only camera I've ever used which does this right is a RED. They have clipping "traffic lights" for R, G, B channels based on the raw data off the sensor. I really can't understand why camera makers don't implement this. Compared with processing the raw data to make a JPEG on the fly, it's EASY: just check every sensel as you read it out and increment a count if it is more than (say) 99.99% of maximum. And that's it; that's all we need. Map out any permanently hot sensels, and set a warning in the viewfinder if any channel has more than (say) 0.01% of total sensels clipping.
Or just the build the histogram channel by channel as you do the processing, rather than a posteriori based on the JPEG once you've built it.
The histogram is surely much less data than the JPEG you're building to display the picture, so what's so hard about it? Adobe, maybe add a standard format for RGB histogram data to DNG or something to encourage people to do it!
Cheers, Hywel.