Chris, trust me.
Place the "camel hump" of your histogram as close to the right as you can without blowing highlights.I know this from firsthand experience, not expectations. I never even read or discussed this with anyone before this thread started. What I'm seeing now is that it's also the best way to shoot according to Marc,
www.luminous-landscape.com and Bruce Fraser, author of white paper "Raw Capture, Linear Gamma, and Exposure" for Adobe:
"You may be tempted to underexpose images to avoid blowing out the highlights, but if you do, you’re wasting a lot of the bits the camera can capture, and you’re running a significant risk of introducing noise in the midtones and shadows. If you underexpose in an attempt to hold highlight detail, and then find that you have to open up the shadows in the raw conversion, you have to spread those 64 levels in the darkest stop over a wider tonal range, which exaggerates noise and invites posterization."
http://www.adobe.com/digitalimag/pdfs/linear_gamma.pdfHis paper says it all and in intelligible manner to boot.