I've consistently noticed that the histograms displayed on my D700 do not match those displayed in CO5 - my RAW file converter, or Photoshop CS4. I always shoot in RAW and have set my picture control to "neutral" believing that this will not pre-process my images in any way; however, the difference in histograms remains leading to sometimes under- or over-exposed shots in CO5 when the histogram on the D700 suggested this was not the case.

I have recently read that the histograms (and image) displayed on the D700 (and other DSLRs) are not actually based on the RAW file but on the low-resolution JPEG version that is used to display the playback image. If this is correct, then not only should you not base your exposure on the image - this is a given - but you also cannot rely on your camera's playback data to set your optimal exposures?

Is this correct? If so, how might one set up the camera so that it shows a histogram display that is the same as that viewed in CO5?

Cheers, Jose