Beej - This is what Bruce Fraser says in his book "Camera Raw with Adobe Photoshop" (
http://www.adobepress.com) ....
"Along with the White Balance controls, the Exposure slider is possibly the most critical tool in Camera Raw- if you don't take advantage of the WB and Exposure tools to optimize your captures, you're essentially negating the benefits of shooting Raw."
"At positive values, the effects of the Exposure slider closely mimic increasing the exposure using the on-camera controls. At negative settings, its behavior depends on whether or not the image contains any completely clipped pixels - that is, pixels that are blown out in solid white in all three (color) channels. If the image contains no completely blown pixels, the Exposure slider works very much like reducing the exposure in the camera" (and some highlight detail can actually be recovered).
I found the book readable and understandable, but just a little scattered. What I mean is the same things seemed to be re-answered in different way in different places without much explanation why. Or maybe it was just me. I definitely would buy it again, though.
Hard work pays off in the future. Laziness pays off now.