Hi ya - very interesting & useful posts!
I shoot digital, mastering in RAW, for studio & field work. Only
fashion, so I am under different pressures to sports folks etc. I
don't have to rush setting up.
In the studio, I always use a handheld meter when I am setting up
lighting (strobes). In the field, I usually meter using a handheld as
well, especially if I am using portable flash.
I usally also take a reference shot after I have metered - one of
those cards with a pure black, white and grey. I use this when I am
doing post in Photoshop to set my curves so that blacks are really
black & the whites really white. I also take a custom white balance
reading always and test this with a colour reference scale chart as
well.
Sounds a bit laborious but, in my experience, digital sensors (I have
a 1DSMkII and 350D) are a bit quirky when they show colour. E.g.,
violets can come out bluish, so getting the baseline as right as
possible is vital (in what I do anyway).
It was also definitely worth calibrating my monitor and using paper
profiles for my printer.
All a bit techie, but it is absolutely vital for my stuff that the
colours I produce are as close to the originals as possible.
Hope this helps - very useful stuff by the other posters about the
displays on the camera. I never know that they didn't use the RAW
data!
You have already realized calibration and profiling of your displays and printer are crucial to producing good output, but calibrating the meter and camera sensor is just as important and is the first step in your getting your system right.
All cameras, from consumer P&S to pro dSLR's shoot Raw, but only the higher-end and pro cameras offer Raw output; it is the captured linear information (bits) from the sensor and cannot be viewed without conversion to an image file (JPEG or TIFF). The thumbnail image generated by the camera for a Raw file has to be a JPEG to take advantage of the compression. A JPEG can only be an 8-bit file (which discards a major amount of info) while the Raw file can output 16-bit conversions. So when the LCD on the camera displays an image, it can't possibly show the true color range, or dynamic range of a 16-bit Raw conversion. Since the histogram and flashing clipping warnings are also based on the JPEG thumbnail, they also lack the full info in the Raw file. On average, most pro cameras can produce about a stop more useable image in the highlights, but the JPEG thumbnail will never show that.
If you stop and think about how much is involved when you open a Raw file in your favorite Raw converter on your fast and powerful computer (Mac or PC) with gigs of RAM and powerful software to the tiny low-power chip in your camera, you will realize the camera cannot compete in quality conversion. I have all of the major conversion software like ACR CS3, C1 Pro, Bibble, etc., and every one of them provides a laundry list of options and corrections to the Raw file before conversion. Once you finish tweaking the settings, you will notice it takes your powerful software and computer much longer to make the conversion than the chip in the camera. This should give you an indication of the losses involved in producing the camera's displayed image.
Finally, with the conversion done in your computer, you decide on the true color balance, saturation, noise reduction, sharpening, etc, on a 16-bit (65,536 levels opposed to 256 levels in 8-bit) file, instead of your camera!
Note - Before anyone jumps in to say "Photoshop's 16-bit files are only 32,769 levels," I am aware of that and understand why they implement the files that way. It still is a far cry from the paltry 256 levels of 8-bit files. Unfortunately, bit depth is too complicated a subject to delve into here.
I often test calibration equipment ranging from simple reference cards to very sophisticated spectrophotometers. On location (and in the studio) I have found the ExpoDisc an excellent substitute for a gray card and color balance setting. It is small and can take the abuse of location shoots.
Sorry for the long posts...