You use of the histogram is correct - but the observation that the camera tends to underexpose is probably no less true about any digital camera. The screen is not a good guide to exposure though because the best RAW images will look overexposed on the screen. There is an excellent illustrated article in Black and White Photography by Lee Frost about exposing to the right. I have heard the term and understand what it means but had never tried it. What motivated me to try exposing to the right was the clarity of the multi page article and the illustrations. On most images the difference is dramatic in terms of the range of tones capatured. Most matrix metered images looked fine on the screen but the histogram was only occupying the left hand half of the horizontal axis. This meant that only half the range of tones in the image was being captured - and the image was underexposed. I have found that, to push the histogram across the screen so that the highlights are just inside the right hand axis, takes at least 2/3 stop and often +1 stop more than the metered exposure. The LCD screen then makes them look overexposed. However, putting them into Aperture 3 and adjusting Curves in a classic S shape restores the contrast. Side by side comparisons between as per meter shots and exposed to the right shots of the same scenes shows vastly more detail in the exposed to the right shots. By definition this implies that most digital matrix metered shots will be underexposed - and correctly exposed shots will look over exposed on the LCD. So the XE-1 is innocent of this crime in my view.