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I've always read in photographic books to protect the highlights. More recently since the advent of digital photography and especially the widespread use of RAW images I have been hearing we should expose for the highlights because the brighter sections of a scene contain a lot more information than the shadows do. The way we do this is by making sure that the spikes on your camera's histogram are pushed to the right but not clipped. Enough of the technical gobbledy goop.
This is a very important rule to keep in mind because it a) ensures that you keep all that precious detail in the image and b)it also ensures good colour results. There have been many times when I have under or over exposed an image and ended up with a strong colour cast or with a very flat and dull image. And now that everything is digital the practice of protecting those tones could not be easier, all we have to do is check the histogram on the back of our camera to make sure neither the right or left side is clipped.
I agree with this rule when shooting but as soon as I get in the digital darkroom 'anything goes'. Often my workflow includes trying to capture an image with as much information as possible - i.e. with highlights and shadows exposed for, and then when I process the image I deliberately clip details by blowing out the highlights (as in the image above) or by clipping the shadows.
This two things for my images. The first is it adds drama to the scene by giving it strong contrast and 'punchy' colours. The second is something I learnt from reading Trey Radcliff's book (A World in HDR) which relates to colour theory and how we interpret colours. In its simplest it is the theory that we all view images and interpret colours relative to other colours in close proximity. Therefore a light grey around some other colours may appear to be a pure white because there is actually no pure white in the scene from which to compare it. Therefore it is important to include a true black and or a pure white in a scene (if appropriate) in order to give the viewer a point of reference. This will effectively enhance how the other colours are viewed.
I don't usually get this technical but I felt I had a point to make. The thing I try to remember is to expose for the highlights when shooting but don't clip any data. However when it comes time to process the images feel free to go crazy with contrast and colour.