Hornetzoo. It took me about a year to understand histograms well. The tutorials on Steve Hoffman's web site and Luminous Landscape are good, though "exposing to the right," should not be a religion, especially for "people" photography. Study those two. If you do portrait work, using a 10 second PhotoShop "FACE MASK" histogram as recomended from ShootSmarter.com is an amazing post shoot tool!
Anyway, in Canon dSLRs, the histogram is really a "luminance" or brightness histogram derived from the green color channel only (since there are twice as many green pixels as others, this is a good proxy for the whole image). So, it does not tell you perfectly about exposure of red and blue channels. But, darn it's the best, funnest tool I've ever used for high contrast outdoor work. It truly is the "21st Century Lightmeter" after you spend time with it. Shooting RAW, there is somewhere between 1-2 or even more stops of recoverable information even if the histogram shows clipping. A WHOPPING amount of photographic information. Shooting JPG, all this is lost. I went RAW two months after going digital. Spot metering and light meters are still essential for many people. But, for "on-the-go" casual photography, the histogram really helps get it right, get it better, and teaches you how to read scenes. Hope that helps. Jack