live vs review histograms & blinkies

I thought I understood histograms... until I started playing with my new Panny G2.

With my Sony's (V3 & H50), I just dial back exposure until highlights are just short of the right edge of the histogram if a scene has bright bits that I absolutely don't want to clip. The same approach seems to fail with the G2. The live histogram shows no clipping but on review the luminance histo shows tons o' clipping and blinking highlights.

I tried this in both raw & jpg modes, thinking maybe the live histo is based on the sensor's full range while replay histo is based on jpg's lesser range, but I got the same result in both cases.

What am I missing here??