One of the most powerful tools with digital photography is the histogram, which can be looked at as soon as an image is recorded. This is true on DSLR's and many compacts, but some compacts don't have this feature. If you've got it, maybe you've heard it and wondered about it but you're not really sure what to do with the information. This was discussed a little bit in this thread, and I thought it would be a good subject to cover a little more in-depth. I'll explain how I do it, which may be different than how others do it - but feel free to add your own techniques.
I've got three different shots; two of them right out of the camera other than RAW conversion with no exposure adjustment but slight WB correction. The images were sized for viewing here and it was all done in Adobe Photoshop CS. Other image editing software may look slightly different. To keep it organized, I'll put the three shots in different posts.
The histogram is a great tool, and it doesn't take a lot more than reading this thread (hopefully!) to get an understanding of how to use it. The left side is the shadow, the right side is the highlight. The center could be thought of as "middle grey". If you have a histogram that has information cut off at either side (like I do in my dark shot) then there's no detail in a some of those areas. This can happen in either side of the histogram - or both in really contrasty situations.
This first shot was taken in my front yard right after a snowfall. What do you see in this shot? Snow! What color should it be? White! So, before I even took the shot I knew that I wanted most of the information on the histogram to be very close to the right side but not touching it. Maybe a little info could (slight blown highlights) but that didn't happen here because it was overcast. Since the built-in light meter in the camera assumes that everything is grey (yes, matrix meters do this too) I probably put about +1 or so of exposure compensation at the time I shot it. Had I put in 1/2 stop more, I'd have too many blown highlights, but 1/2 stop less would be too dark of an image for what I was hoping to capture. If the histogram wasn't what I wanted, then I'd adjust the exposure and shoot it again, just like bracketing exposure with film but knowing what the outcome will be. Almost like cheating. Again, this shot is right out of the camera and I might do a little PS work to it for a "finished" image. Here's the shot, and also a screenshot of it in PS showing the histogram.