I used to use histogram and waveform with h264, with raw i use histogram and expose at one stop before oveexposure because i didnt tested if waveform reads raw image(which would be good) or what is on liveview(which would be bad),taking into account most important subject in shot and trying to not over-under expose it , even if i want moody darker image, i prefere to darken in post because with raw i see more in shadows than h264 which means i see more noise in shadows, underexposed raw footage on my 5D2 and M looks quite bad.
Histogram informs you about brightest part in the frame so if you are underexposed by 2 stops and someone in background holds in hand tiny piece of mirror that reflects the sun then you will get overexposed info which is not correct, i mean technically it is but youre still underexposed and shouldnt look at the tiny overexposed parts of the image that dont really matter, sometimes i just pan/tilt camera until that small thing disappears from frame so it wont overexpose.
Ffor example if small cloud in the sky is overexposing, i tilt down so sky is not in the frame anymore and i adjust proper exposure, then i tilt up so sky is in the frame, if its overexposed then well.. too bad.But with sky its not a great example because i tend to care about it not being overexposed.
In some shots its kinda important subject.
Last time i remember being under tree , i had to adjust for under tree lighting/brightness, not brightness thats far away which was overexposed, if i go midway and underexpose under tree while having not overexposed far background then i still have crap image because im underexposed under tree where my main subject is.
I hope its not too confusing .Just expose for your subject, not for background, its great if you have both properly exposed but if you cant then go for properly exposing subject.There are exceptions from all this and its up to you to decide, i just found out that underexposing with raw is not a good idea if you dont like noise.I can brighten in post about half-one stop before noise is unacceptable while i can darken the image SOOOOO much its insane with RAW.