Ted - I think you are not looking at it in the same way I am.
I (and many other photographers) have found that in cases where the camera indicates blown highlights via either the "blinkies" or via the histogram displayed by the camera, the raw data downloaded from still has at least 1 stop of "headroom" where the data is not blown out.
Here is an image I shot in JPEG and raw; both are using the AdobeRGB colour space.
If I import the JPEG image into Adobe Camera Raw, the red areas indicate clipped highlights
When I do the same thing with the raw file, I get this:
The JPEG has a lot more highlight clipping...