The raw file contains a lot more information than can be displayed on the histogram. I believe that using "neutral" in picture control with all sliders set to the lowest value, you get the best approximation to the raw file. I habitually overexpose with the D700 to capture the low noise data to the right. In PP iwth LR4 these data are pulled back by moving the exposure slider to left. This procedure minimizes noise.
Nikonians®, NikoScope® and NikoniansAcademy™ are trademarks owned by Nikonians.org.
Nikon®, Nikonos® and Nikkor® are registered trademarks of Nikon Corporation.