As a still photographer and a RED DP, and DIT, I go by the histogram. Over the years (13 in fact shooting on Phase One, Leaf and Hasselbald digital backs and Canon pro camera's (5D excluded)) I've learned how to look at the histogram and see what elements in the frame are placed in the histogram. As I began to learn RED, which IMO is a digital still camera that shoots motion, I use the same approach, and to date, it's lead to beautifully exposed images, and as a DIT, it helps evaluate exposure to help DP's bring the shot in as they see it. Old school vs. new school.
In REDucation they teach not to base you exposure off false color, but the exposure meter (Color), as it (false color) does not get you as accurate a value on the light striking the sensor.
Histogram all the way.