You beat me to it Brett. I was just about to answer in the same vein. I do agree with vengence in the statement I made: "ETTR is about extracting all of the dynamic range a sensor can capture" is a by-product of controlling noise. ETTR is ultimately about less noise, and noise is most noticeable in the shadows, so moving the exposure to better expose the shadows will reduce noise. I look at ETTR as more of a DR tool, allowing me to get the best exposure of the whole scene, but vengence is right, it is about noise, and I misspoke there. But as to loss of DR, I disagree with vengence. By placing my highlights against the right side of my Histogram at any time I have extracted the maximum DR my sensor can handle.
If I have to move the histogram to the left to maintain highlight detail, (not sure if this is what vengence is suggesting in the post, there is talk of ETTR 1 stop, and I take this to mean + compensation, but then there is talk of moving the histogram left and that means - compensation) I do possibly lose some shadow detail, but in preserving the highlights with that move left, I still have extracted all of the possible DR my sensor can capture, I've just had to make a choice as to what to lose, the scene just exceeds the capacity of my sensor, but I've still captured the maximum DR my sensor can capture.
Rule books are paper they will not cushion a sudden meeting of stone and metal -ekg-