Thanks for clarifying Jeff.
In an effort to Expose-to-the-Right, we often get some clipping - within that 2/3s to 1 stop tolerable range for raw files. If that's the case, would it make sense to start the Basic adjustments by eliminating that clipping using the "Whites" adjustment, then move back up to Exposure and Contrast?
That's what I was getting at when I asked about setting the white and black points first, as was done in v.3. Jeff seems to imply that one should adjust the overall brightness and contrast first, and then continue down the line ending with setting the white and black points. It seems counter intuitive from past experience, but maybe there is something going on inside v.4 that now makes this the preferred method.