<span style="font-family: Helvetica Neue Bold,sans-serif; font-size: small;"]By the way,
underexposing at lower ISO is precisely what Canon cameras do
in the raw data when Highlight Tone Priority (HTP) is enabled; and what
Nikon cameras do when Active D-Lighting (ADL) is enabled.
Instead of using the ISO gain set by the user, the camera uses
a lower ISO (but exposes with the indicated aperture and shutter speed),
effectively underexposing the image; this provides more highlight
headroom. In post-processing, the image data can be brought back up
while preserving the highlights with a modified tone curve
in higher exposure zones. The place where image quality suffers
is in shadows at lower ISO, precisely as the above quantitative
model predicts.