I've been doing the "expose-to-the-right" thing since I started on RAW a few years ago. There are some very important points to remember:
The histogram displayed by the camera is derived from the
processed image, not from the RAW. That is, the choice of WB/etc will affect the displayed histogram (as has been noted, by playing with WB in a RAW converter you'll see it can change dramatically). The camera always produces a processed image (even when in RAW-only
modes) even if it's just for display on the LCD.
If your camera only has a "luminance" histogram it may show that nothing is overexposed,
even if the red or blue channels are overexposed. The luminance histogram on some cameras is actually the green histogram (lazy programmers) whereas on others I think it's derived as something like R=0.29/G=0.60/B=0.11. I find the R/G/B histograms on my EOS 30D very helpful (in the Nikon range the D200 and D2X also have this - any others?) even keeping in mind that they're still affected by the in-camera WB choice.
Take a photo including the blue sky and push the exposure so that a luminance histogram has a peak towards the right but with no flashing highlights, and then check the image in a RAW converter that has a R/G/B histogram (e.g. Camera Raw) and you'll probably find that the blue channel has well and truly clipped. Similarly it's easy to blow the red channel when photographing sunsets...
Considering the above two issues, it's worth exposing
towards the right rather than "right up to the right edge"! As you gain experience you'll get a feel for what is reasonable in different situations.
Overexposing a scene in-camera and then darkening it in the RAW conversion or through adjustment layers in Photoshop can indeed produce cleaner images with more detail, but the whole effect can be ruined if you blow out your highlight detail/colours!
Lastly,
a "bell-curve" is not the best histogram for all situations. Each scene has different tonality. For example a high-key image will have lots of bright areas with some interesting detail in the darker portions. At the other xtreme a photo of a cat's eyes reflecting light in the darkness is going to have a large "lump" on the left of the histogram, with the eyes hardly showing up as a blip on the graph.
It is important to consider the histogram in the context of the image. Incidentally, this is related to my whinging in the Nikon forum last week about some cameras not displaying blinking highlights and the histogram on the same screen...