Well, I suppose I should have ben more clear, but I thought it was assumed we were talking about a full-spectrum image. Nobody I know would advise pushing every exposure all the way to the right, so I think you have created a bit of strawman, whilst we were speaking at cross purposes to a large degree.
However, deliberate underexposure does not make sense to me either. The idea that one can reliably underexpose by 5 stops is wildly optimistic and not good strategy. And I'll bet it is not your suggestion that people do that as a rule. I really think that our difference of opinion is not that large of a disagreement when getting down to brass tacks.
I can tell you, this, however, my Canon 5D will not produce great results at 5 stops underexposure, although I have seen an amazing result (here?) with the new Pentax dslr acomplishing such a feat on a picture of a dog in a backyard. As ISO goes up, the headroom for getting a good result pumping up an underexposure gets smaller and smaller for my 5D. Proper exposure, as I think you have said, is key at higher ISO's.
Now, I shoot always in RAW, and Colin, I think you sometimes stay in jpg. I know that I can reliably recover up to two stops of highlights in ACR which means that a bit of highlight warning on my LCD is no problem whatsoever. I guess one can recover about 1/2 to maybe one stop of highlights when shooting in jpg by using the shadow and highlights tool, so the margin for error becomes more worrisome for jpg.
But deliberate underexposure? For heaven's sake, why?