Originally posted by wtlwdwgn No, ETTR up to the edge but not overexposed. Blocked highlights have no data (detail) and can't be recovered. The main reason for ETTR is provide as much data in the shadows as possible. Just my $0.02.
It really depends on
1. how much the histogram is accurate (sometimes you have blinkies in the playback windo because it's based on a jpeg rendering, while you've still got some margin in the RAW) and
2. the distribution of the values
per channel. Sometimes you're fine in two channels, luminance histogram looks good but you're clipping the third channel (that is often the red one) badly...