Originally Posted by Dr Croubie
The second one, because it will have less clipped highlights, less quantization error, and will take up less slightly space on the computer due to a smaller raw file size. Any other differences will be due entirely to the raw converter mishandling things. (Many raw converters, e.g. Adobe, tend to foul up the colors when you use exposure compensation. You can mostly work around it by using a 0 black point.)
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