John. You can't "overexpose" a sensor. Once the wells are full the photons fall on the floor. It's a brick wall.
You can't overexpose a sensor, but you can overexpose an image. And when you do, highlight color and tonal detail cannot be recovered from the RAW file because what Michael said, those photons "fell on the floor"
In the "good ole" days of the film era and the classic zone system, the rule for making optimal negatives was to "expose for the shadows and develop for the highlights". It made total sense but begged the use of a spot meter to perform the task consistently under real world lighting not studio conditions. For the modern RAW "digital negative" workflow this classic rule can be stated as just the reverse, i.e., "Expose for the highlights and develop for the shadows". "ETTR" is just another way of saying the same thing, and it's also how we had to expose color reversal film except that we had no real control over the development of the shadows with color reversal film. With todays RAW image editors we do.
I agree with Michael and others that the camera engineers could indeed build a decent ETTR mode into the camera metering system, but I suspect part of their reluctance to do so is that it would require a total rethink on how to construct a good looking OOC jpeg from that ETTR RAW data. Still, it's possible, and if anyone is likely to do it, my guess would be Fuji will get there first.
Re: the article: It makes some good points, but the notion that "A good digital exposure looks as if it has been dipped in skim milk!” will lead to totally clipped highlights with many of todays digital cameras, IMHO. This exposure advice is probably too simplistic because there are so many camera and RAW editor variables that factor into the determination of the optimal RAW exposure. Neither the camera blinkies nor the clipping warnings in LR are a precise indicator as to when full color and tone is being destroyed in critical highlight values of the scene. Today's cameras' "smart metering modes" like my D810's matrix and highlight metering modes are still trying to play nice with OOC jpeg and "Dlighting" jpeg processing methods. As such they will miss the optimal RAW exposure far too many times to make me comfortable with those modes out in the field. I resort to, wait for it, spot metering mode with liberal use of AE LOCK and then recompose the frame, or as runner up, the center weighted mode. Both of these modes aren't trying to outthink me, but as the "thinking" photographer I have to pay more attention to correct exposure to master those older "traditional" metering modes
Lastly, re the gamut warnings in LR. I find that it is entirely possible to set the RGB model to Prophoto, enable a particular camera profile, and then set the various sliders such that I can make the gamut clipping warnings go away even on images where delicate highlight colors and tones in the RAW file are still truly clipped. I have found that the single best analytical tool to really get a handle on camera-specific RAW image exposure is to use the Xrite color Passport target and pay particular attention to the light pastel color patches in the target that Xrite added to the overall target for white balance corrections. These very light tones of subtle difference in hue provide a very sensitive test for when delicate highlight colors are getting overexposed to the extent that they are impossible to fully recover with "magic" settings in LR or other RAW editors. When the camera sensor is right on the brink of clipping, recovery of those delicate colors may still be partially recoverable but definitely not fully recoverable. For my D810, it occurs with about 1.3 stop extra exposure to reach that point when metering carefully from an 18% reflectance gray card. On my Fuji S3, it takes about 3 stops overexposure to begin to lose those delicate highlight colors in RAW processing. Moral of the story is that ETTR tolerances are highly camera dependent, and a hand-held spot meter is still a wise choice if you are serious about ETTR optimal exposures.
cheers,
Mark
http://www.aardenburg-imaging.com