The issue with both the blinkies, and the histogram shown on the camera LCD is the fact that both are based on the fully processed in camera JPEG image. The in camera processing can make a huge difference, because if for example you chose a very high contrast picture style, that will tend to make highlights clip much sooner than if processed with a low contrast style. If you look at the full range standard picture styles, and other processing variables, it is possible to shift the clipping point of the processed image by up to two full stops. Even the most conservative in camera settings seem to indicate clipping on the LCD while the RAW data when processed in LR or ACR with PV2012 can still be very nearly a full stop from actually clipping.
Generally I keep my in camera settings to produce the lowest contrast image possible, using the Faithful picture style, with the other four parameters at their minimum settings, either -4 or 0. I then know that if I take my exposures so that the wanted highlights have just started to show blinkies my exposure will generally be as far to the right as possible, without clipping the actual RAW data.
Some interesting stuff to ponder on here. I hadn't really made the connection between picture styles and information in the histogram, since I do everything in RAW and tend blithely/wrongly to take it for granted that what I see on the LCD is neutral. I should reset the in-camera picture style to 'faithful' (currently it's 'standard') based on what you say???







