I read, I think a long time ago, that V-Ray could even render faster if you render the images a little darker. Could be that together with wanting to render out the image without any overexposed areas that kept me with this workflow :)
So render at the correct exposure (no matter how overexposed some areas get) it´s mainly to have correct MIS? And to avoid any problems?
I did some tests and it seems changing the exposure doesn´t affect render times, at least not with this particular scene.
Ok, each issue separately :- )
Vray does (in bucket mode !!) take into account the intensity to decide how much sampling is necessary, and slightly under-exposed image thus render fasters.
But what that in actuallity means, if you need to drastically recover blacks,
they will be noisy, since not enough samples were used.
Vray Progressive, does uniform sampling, just like Corona, so it pretty much doesn't matter. But since Vray 3.0+ also uses MIS (by default on=20, can be off), correct exposure is necessary to keep correct brightness, otherwise the MIS will cut away too
many bright primary rays, not just caustics, the whole image will have lesser contrast with brightest parts simply clamped down.
In Corona progressive sampler, the exposure shouldn't affect render times (as in render speed in rays/s) but since it affects MIS, it can introduce more noise to be sampled. But you won't end up with clamped highlights from MIS (mostly visible in brightest reflection and white walls).