This strikes me as similar to saying the WFM should never go above 75% for fear of a bright light suddenly appearing.
The scenarios are not the same. With audio, if somebody gets a little to close to a mic, or is a little too enthusiastic with their performance, you run the risk of clipping the audio and having to start over again. By ensuring sufficient "headroom" there is no risk of ever clipping at the recorder stage.
You're recording 16/48. If you're setting your maximum dB at -12, then when you bring the volume up 10 or 12 dB while finishing it you're guaranteed to end up with noise.
Not true at all. Remember that by setting your recording level at -12 dB, you are recording EVERYTHING 12 dB lower than if you were to record at 0 dB.
So normal conversation gets recorded at -12 to -24 dB, a person whispering might be recorded at -36 dB, and room ambient is recorded at -60 dB.
When you boost everything by 12 dB in post, the normal conversation is now 0 to -12 dB, the person whispering is at -24 dB, and room ambient is now -48 dB. It all sounds perfect with no distortion, and no noise at all other than room ambient, which would always be -48 dB if that is what the actual room ambient is.
If it was a super quiet environment, where the room ambient is -64 dB, then you would need a mixer/recorder ( or camera ) with at least 76 dB of dynamic range to be able to reproduce everything accurately, including the super quiet room ambient of -64 dB.
My Panasonic HS-700 has a noise floor of -82 dB, so it would actually be up to the task of faithfully recording this super quiet room, but my HMC-150 with a noise floor of -63 dB would fail when it comes to reproducing the super quiet ambient room sound.
Professional recorders like the Sound Devices recorders have noise floors of -100 dB or more, so you could record at -20 dB and still have another 80+ dB of audio range to reproduce whatever you are recording.
Where you can run into trouble is when the mixer / recorder / camera has poor audio circuitry and a high noise floor. My Canon 60D camera ( which I owned for 3 months ) had a noise floor of only -53 dB, which bugged the crap out of me, because it meant that I could not make any mistakes when recording, or I had to sacrifice some of the "headroom" to gain back some usable dynamic range. My GH-2 camera has the same noise floor as my HMC-150, which is around -63 dB, which is 10 dB better.
Currently I haven't had the budget for a Sound Devices recorder, and I think it will be a couple of years before I do, so I get by with the 60+ dB of range my current portable recorders / cameras provide.
I do plan on buying a Sony M10 portable recorder at some point later this year, because it is supposed to have a noise floor around -85 dB, and costs about $230 at B&H Photo in New York. This is 20 dB more dynamic range than my GH-2 or HMC-150 cameras, and would be great to have when shooting Indy films.