>The Histogram is based on a rendered JPG so any PC settings >you use will influence the histogram but not the Raw file >captured. It might be clipping a color prematurely on the >histogram even if it is well within the DR of the raw data. >Stan
This is a very valid statement
I believe your camera JPEG is closest to the "Raw Image", if all in-camera settings are set to their lowest value. Also, the dynamic range of a camera like the D800 is significantly higher than can be displayed by the histogram. To recover as many data as possible and to minimize noise in the shadows I believe it is wise to over-expose by up to one stop. The overexposure is then corrected in PP, but you still have the data points.