My Pentax K-50 has features called "highlight correction" and "shadow correction". The manual makes the following claims about these features (on page 150):
Expands the dynamic range and enables a wider range of tones expression by the CMOS sensor and reduces the occurrence of overexposed and underexposed areas.
My question is whether (as the manual seems to imply) this is a feature of the sensor that increases the dynamic range in the raw file, or whether (as I would otherwise expect) it's just some image processing that's applied when shooting in jpeg.
If it does have an effect when shooting in raw, I'd really like to understand what it's doing and whether there are any disadvantages to using it.