Just my experience......the K5 seems to save highlights very nicely, but you still have to be careful. Some lenses are worse that others, in particular my DA*50-135, it tends to overexpose and I compensate by backing down the exposure and then working in post processing if necessary to bring up the shadows, which is a snap with the K5. I generally find the multi-segment metering to be excellent, depending on the scene. If it is a landscape, I go to it every time....with singular subjects, I mostly use the spot metering.
Experimenting with my different lenses has shown that some are better suited than others for certain conditions of bright lighting...or dark.
Best Regards!