It is not a good idea to expose to the left on the M8 or M9. Expose to the right, accept blown-out specular highlights and keep normal highlights just on the right side of overexposure. Otherwise you will run into noise problems. Read the Fraser-Schewe book Real World Image Sharpening - they devote much thought to exposure and noise control.
Ok, there was a used copy of the book you recommended for $22 so went ahead. Sharpening is something I don't touch at this point (any image shared here in RFf), just whatever defaults are used in lightroom publishing or smugmugs rendering. I could benefit from a thorough understanding of sharpening.
I agree not to chase the Specular Highlights, those will be blown out regardless of medium.
When you say keeping highlights "on the right side of overexposure", do you mean the histogram for these areas
almost reaches the right side, but not quite blown out?
Here's an example from two weeks ago where I think the balance was ok. Low ISO (to help with that noise when bumping up the shadows), but low enough exposure so the sky has good tonal range, and there is detail remaining in the white sweater (maybe a few highlights are blown as shown in the crop).
and the adjusted crop, pulling out some shadow detail but preserving the highlights (except the specular highlight in the sunglasses).
That worked because the ISO was low and the shadow detail could be pulled out (hopefully my monitor is calibrated well enough that you can see the detail in her hair).
This scene from last Friday was more difficult. ISO was 250, 1/45 sec shutter and about 2.8 with a Biogon 35. Not happy with the sky, there isn't enough tonal range left (unacceptable image quality).
Large version:
http://ederek.smugmug.com/Other/RFF01/7327796_LoBTG#1089998543_vpzp2-O-LB
Didn't have a tripod and the swans were moving anyway, so getting them and the trees in distance both sharp wasn't really an option, and higher ISO with smaller aperture would have just left the shadows too noisy.
I am satisfied with the tonal range in this shot when I wasn't trying to preserve shadow details in the swans (same settings, one stop down to about f4):
Link to large version:
http://ederek.smugmug.com/Other/RFF01/7327796_LoBTG#1090313925_ZLgG9-O-LB
I have more examples of tonal range in skies from yesterday, it's something I'm really focused on lately.
Also, have been shooting some scenes with both the M9 and M4 w/ TriX to compare exposure and resulting highlight and shadow detail for each medium.
Another thing I've just started to do when processing an image more with greater care (don't bother with the happy snaps) is to slide the exposure to -4 and look at what tonal range remains in the highlights, then slide it all the way to +4 to see what shadow detail is available. Then I start adjusting curves and so on..