Interesting discussion, indeed. If, for argument's sake, having HTP on changes the RAW file, it's NO LONGER RAW!!!! It's processed RAW! I think I made a new phrase here, and now it's copyrighted...
No, the CMOS chip cannot "up" or "down" the ISO for anything other than the full chip, so it cannot individually change pixel sensitivity where the subject is extra bright. It has GOT to be post-capture processing of the RAW data. I'm just surprised that it would change the RAW data (that explains the menu option rather than just turning it on always - you must select and acknowledge that you will not be getting a RAW image anymore).
OK, if it's good for RAW, that would imply tweaking something in the capture process, rather in the software -- I would imagine since it only works above ISO 100 it would involve a "smart" reduction of the amplification applied to the sites (to "up" the ISO from the base (100)) that were judged overexposed...?
I don't know how else it could work with RAW.

