If you're shooting in JPEG, it's best to get the correct exposure when you take the photo.
However, if you're shooting in RAW, you should "expose to the right", meaning you should slightly overexpose your photos
without blowing the highlights. The reason it's called "expose to the right" is because you want the much of the image info to be on the right side of the histogram (ie. the highlights part of the histogram).
I'm not sure if you're familiar with histograms, but here's a brief example of what a histogram shows. The histogram displays a graph of how much shadows, midtones, and highlights there are in your photo. Here's an example (from the Canon Web site):
Brighter photos will have more of the graph on the right side of the histogram. Darker photos will have more of the graph on the left side of the histogram.
When you shoot in RAW, the camera records TONS more information in the highlight / right side of the histogram than it does in the shadow / left side of the histogram. pgowder provided a link to an excellent tutorial that describes why this is so. Basically:
- 1/2 (that's HALF!) of the tonal values are available in the "brightest" tones,
- 1/4 of the tonal values are available in the "bright" tones,
- 1/8 of the tonal values are available in the "midtones",
- 1/16 of the tonal values are available in the "dark" tones, and
- 1/32 of the tonal values are available in the "darkest" tones
So, when you "expose to the right", you'll have a LOT more information / data available for you when you do post-processing. That's why people will tell you to "expose to the right" if you're shooting RAW.
How do you "expose to the right"? If you're using Av (aperture priority) or Tv (shutter priority), you can add a little bit of Exposure Compensation (perhaps +1/3 or +2/3?) to make the photo a little brighter. Again, you'll need to check your histogram to see how far the extra Exposure Compensation will bring your histogram to the right.
How far do you "expose to the right"? You add enough Exposure Compensation so that the right side of the graph drops off
right before the right-hand edge of the histogram. This is the type of histogram you'll want:
Here's an example of what you DON'T want to do. Notice the 3rd photo & histogram. The photo & histogram on the right are WAY overexposed. The highlights are "blown out." The graph runs directly into the right side of the histogram (ie. it doesn't drop off right before the right-hand edge of the histogram).
Your dSLR probably has a "highlight warning" feature, where it looks for "blown out" areas of your photo and highlights them flashing red. Often, these are affectionately known as "blinkies" because they're blinking red areas that show you the blown highlights. You'll need to refer to your camera's user manual to figure out how to turn on this "highlight warning" feature.
(I know this is actually a screen-shot from Adobe Camera Raw, rather than from a dSLR, but this also illustrates the red "blinkies" that you'd see on your camera)
Just to reiterate, "expose to the right" is usually for folks shooting RAW (not for JPEG). Also, "expose to the right" does NOT mean that you should blow-out the highlights.
Hope that helps!