Man this thread (and the link to the other forum) really has me bummed out now, since I just bought a second 540 a couple months ago. I was going to try the Metz 58 but I didn't think it was worth the $100 more. Now I'm not so sure!
But besides the extra $$, my reasoning was that I didn't want to try to learn TWO different methods of operation for 2 different flash units (especially for wireless mode, etc.).
Now I -have- noticed the tendency to underexpose, but what baffles me is why in bounce flash, if you swivel and bounce for a vertical composition, it underexposes by at least ANOTHER whole stop, on top of its tendency to underexpose as it is. Using it in Auto mode does indeed seem to solve any underexposure problems.
However, I've tried a lot of variables, including the "Link AF Point and AE", changing from spot metering to matrix metering, using Program, or aperture-priority, or whatever- none of that seemed to make much difference, at least with the K20D. (Generally I shoot in manual mode.)
But I have found that, when using PTTL, adding +1 of flash compensation to the camera body does the trick, even pretty well with bounce flash, and THEN if I want to use the swivel-bounce for a vertical composition, I dial in +1 flash compensation on the flash itself (for a total of +2 in that particular instance).
If it wasn't for my wanting the wireless capability of the 540 (or similar), and maybe even more importantly the high-speed sync, I would've saved a helluva lot of money and just kept using my good old Sunpak 383's. In comparing those to the Pentax 540 in Auto mode, there is NO difference!