Originally posted by normhead Keep the histogram to the left, but don't go off on the left hand side and you'll be fine. The K-5 does have amazing highlight recovery, for anything that's on the histogram. It also has amazing shadow recovery. I like more space to the right than to the left if there's to be a choice if there's room for space on both sides of the curve.
NO! NO! NO!
The general advice is to keep the histogram to the right. The K-5 is able to hold more date in the shadows than a lot of cameras, but there comes quite a bit of noise with recovering shadows. I will keep the histogram, if possible, just to the left of the right hand edge, maybe a third of a stop, but don't expose to the left. The histogram is a logarithmic scale, with the most data closer to the right side. The left hand of the histogram has way, way less data than the right. Yes, with the K-5 you can underexpose and pull out a usable photo. But, a proper exposure, with no blown highlights will offer vastly more data to work with. If you're going to ignore that, just shoot jpeg and save yourself the trouble and expense.
Lightroom is a great program. I use it for about 80% of my work and I normally shoot raw. Now that it's dropped in price, it's not to terrible. Photoshop Elements will also do a good job with processing raw images. It's less expensive than Lightroom and sometimes thrown in as an extra with Wacom tablets and some printers and scanners.