I shoot quite a bit of BIF and very commonly I will meter off the sky, especially when it is very bright (not blue). If I know the sky will be the brightest part of the scene then I meter it +3. If I expect my subject to be white and even brighter then I build in a safety margin. I'll also verify my reading against my own palm and see if it makes logical sense. The acid test is to chimp a test shot.
Here are a couple of examples where I was pretty sure the sky would be the brightest part of the scene. I metered it at +3 in order to capture as much detail in my subject as possible, while still holding whatever detail/colour existed in the sky to be fine tuned.
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Here's an example where I would not dare trust metering off the sky. I can't judge perfectly whether the sky here should be at 0, +1 or anything else. I can judge when my highlights are clipped. I can also judge, from my palm or Sunny 16, an excellent starting point for my exposure, even though the highlight region is far too small to be metered directly.
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All of this is done in manual mode, so once my exposure is set I am locked and loaded until the light changes. It seldom changes much, or quickly, and I can easily make small adjustments if required.
I use exactly the same approach for shooting planes as well. If the sky is bright I meter it at +3. If it is not then I meter off my palm, as a substitute grey card, and set an exposure that will hold detail in my subject regardless of tone or angle to the sun. Again it is my intent purely to capture lots of data, not to record the perfect photograph.
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Once I have my data it is up to me how to use it. Here's a rudimentary adjustment.
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