Originally Posted by M_Six
The biggest gotcha with that is blowing out highlights beyond recoverability. Make sure your histogram is to the right, but not pressed up against the right side.
You can go right up to the right side, just don't start climbing the wall. I turn on my "blinkies" in the Preview screen. Also, remember, it's ok to blow out some highlights, just not important highlights. For instance, sparkle of water on a ducks back has HUGE dynamic range and if you try to eliminate that, you'll under expose the rest of the duck seriously. Small little blowouts are usually ok, so long as it's nothing important.
I also turn on my blinkies in post, since you can blow out parts of a perfectly exposed image by raising Contrast too much, or raising levels or any number of things.