The day is growing nearer when the sensor dynamic range, in combination with the raw conversion process, permits increasing usable dynamic range from a single raw exposure. I'm not saying that we are there yet, but it is inevitable that the common desirable endpoint is a workflow that gives you a single exposure with sufficient useable dynamic range to make an image similar to the way your visual system interpreted the scene. The combination of sensor DR as well as conversion targeted at shadow tone manipulation and noise suppression to name a few things....
As TGrundvig noted, recovering highlight detail where all channels are blown is not possible. However, with the approach of recovering shadows and exposing for highlights, more useable data is available. I have found that, in certain conditions, the 5DMkII and DXO are a combination that starts to make some progress in this regard. Here are some examples of a singe raw conversion, with the output shown straight from DXO, with no further manipulation in photoshop, etc. These are part of the raw conversion thread started by tonylong. In each, I experimented with exposure based on maintaining highlights, ostensibly at the expense of shadows. The DXO lighting module can pull a heck of a lot of detail back out of the shadows, and does a really nice job of controlling noise in these areas. It also helps to have a lot of pixels to work with and a FF sensor.
The first image is okay, as is. The second image I would probably bring into photoshop and blend/edit.
Kirk
Before:

After:
Before and after - an extreme example with some serious artifacting (on the gray target, especially), but an example nonetheless: