The tools involved operate very differently between the two editors, but I'd try pulling back on the exposure slider until you've got all the highlight detail there is just clear of the right histogram limit to start, and then selectively bring everything else up as needed (reducing contrast in the dark areas will go a long way towards opening up the deep shadow detail without making it look to 'crunchy"). With most scenes, and certainly this one, I wouldn't want to bury any worthwhile shadow detail below pure black, but I would want the darkest shadows at pure black. You want full black to full white here, but just. In the case of not quite completely blown highlights like you have here, you will likely have to apply some local enhancement to try and coax out some natural looking detail in the compromised areas - best to be subtle about it.
Quick question...
With regards to working with the RAW file in post, from what I've seen so far from this camera, I do believe that in most cases SOOC JPEGs will look great and I will likely be happy with them. However I will know, especially in the case of high DR scenes like this (thanks to the blinkies) that some work might be needed. So, perhaps I should not worry too much about fiddling with EC when shooting and just get the shot and then deal with it in post.
The whole point of getting the exposure right (fiddling with the EC) is so you have the best possible images - not too dark and/or noisy, and with no blown important highlight detail …every time, and that goes for both for jpegs and RAW files. Yes, there’s a lot that can be “fixed” in post, but if the exposure is optimal in the first place, the result will be better and you’ll have a much easier time getting it there. In a perfect world, the camera would always get the metering right, but that’s just not reality (as your example above aptly demonstrates). If the camera can’t reliably nail the exposure (nor can it read your mind about what you want), something needs to be done when the camera chooses the wrong exposure - and that something is exposure compensation. If you have EC assigned to the front dial this couldn’t be much easier - with the highlight warning blinkies enabled, turn the dial until the brightest important highlight detail
just blinks, turn it back until it doesn’t, click, done …takes about a second. In most situations, once you’ve done that, very little (if any) tweaking should be required in the same light - especially with Center Weighted metering. This will work well for both DR100 jpegs and RAW files. If the scene is very dynamic with very important highlight detail and you want to play it safe, back off a couple clicks below blinking with the EC (each click is 1/3 of a stop). If you’re going for jpegs, you can, with Natural Live View off, fine-tune the image lightness in your EVF, but just below blinking will generally work well there too.
There are the DR modes to reckon with too, but if you’re willing to tweak the RAW files (or DR100 jpegs that come out a bit dark) in very high DR situations, you should be getting great results every time. If you’re looking to tweak your jpegs, I highly recommend shooting “FINE” rather than “Normal” jpegs.
Your starting comment about pulling back on the exposure slider got me thinking this. What do you say?
Pulling back the “exposure” slider will bring all the recorded highlight information into play, but if important detail was clipped, you’re still screwed. If your exposure was too low and you have to drag the “exposure” slider to the right, you’ll be dragging all the noise at the left with it and you’re also screwed, but not usually as much - you can really fix blown highlights, but you can sometimes clean up the noise. Underexposure is generally preferable to overexposure - in good light and a scene with “normal” dynamic range, you can be underexposed quite a bit and not really notice the noise much, but that won’t always be the case in high DR scenes in worse light. You generally want to always maximize exposure for the best results.