Originally posted by pentaxmz I am not sure how useful that feature is. It seems like the flashing also occurs on properly exposed photos where there are bright highlights.
Only if those highlights are in fact overexposed - meaning they've exceeded the bounds of what the camera can capture. If this happens in all three color channels - R, G, and B - then the result will be a pure white highlight with all detail lost. If it happens in just one or two channels, the color will just be off, but it could be off by quite a lot, and detail will be lost in that case too.
So the warning isn't trying to tell you the picture is overexposed as a whole - it might indeed overall be right where you want it. but it is very definitely telling you that particular *areas* of the picture are overexposed. the idea is that this way you can judge for yourself if those areas areas you care about or not. So for example, if you take a picture of a person standing next to a lamp, you *expect* to see the bulb itself overexposed if the person is to be anything other than a silhouette, and you wouldn't worry about losing detail in the light bulb. But it would be useful to know if you've accidentally blown out any highlights in the skin tone as well, because you don't want to find later you've lost the detail in some areas of the skin. And make no mistake, this is not some rare corner I'm talking about - this sort of thing can happen quite often, and it isn't always obvious just from looking at the picture on the LCD.
Still, I prefer the LCD to just show me the picture, so I have the blinkies turned off too. But I also check the histogram whenever i take a shot that looks like it might have issues with blown highlights. That won't tell me *where* the blown highlights are (so I can't distinguish between blown highlights in a lamp versus in the skin tones), but it's better than nothing. I also shoot RAW which allows me to recover a fair amount of blown highlights in PP.
Anyhow, people who take this seriously really rely on the the blinkies to tell them where any blown highlights might be. In a "professional" camera like the K20D is trying to be, that's definitely going to be more valuable than live view, but that's also kind of beside the point, because "blinkies" cost almost nothing to implement, whereas liveview in a DSLR is a very complex feature that necessarily involves some major design issues and compromises. It's not like saving the few minutes it took to implement "blinkies" would have made much difference the months of engineering effort needed to get liveview working. Plus, the "blinkies" were already implemented in previous models - they really came for free.