Great article on this site about Exposing to the Right (on the histogram) when using RAW. It makes a lot of sense to me. But what about jpeg. Does it make sense when shooting jpeg and PP in PSE 5.0?
The LCD/Histogram is a somewhat reliable indicator of the JPEG. The Raw isn't. Key is NEVER blowing out highlights you wish to retain and reproduce. In JPEG, that's a fine edge sword.