[font color=\'#000000\']I'm not sure I would call it a 'problem', but it is an issue. As Michael said, you just have to watch out for it. I always pop off a test shot first, and look at the histogram. You most definitely do NOT want to clip on the high end (i.e. there is a brick wall on the right side of the histogram). If you see that, back off the exposure a click or two and try again. If you clip on the dark side, it is usually not a big loss, but clip on the bright side and you are done with.
As for the reflective material you describe, I have many shots in which I encounter a similar situation. Close to sunset, the scotchlite stickers on trains I shoot like to glow, but the D30 always renders them as a milky white, even if they are not clipped in the histogram. My solution is to select the blue channel (the stickers are yellow) and darken up the light areas which should in reality be dark. Works like a charm for me.