When you are setting the exposure of an image using the Photoshop RAW converter if you hold down the "ALT" key you can see any part of an image that will get blown out as you increase the exposure. If nothing is blown out the image is all black. and as you push the exposure slider up the sections that are being blown out start to get light. To see where the bright spot is in the image just unclick and reclick on the slider several times and you can easily see where they are. Here is an example of what the screen looks like when I pushed the exposure up on the Osprey image.
When you are setting the shadow level for the image you can use the "ALT" key as well to see what shadow detail is getting blocked out if you set the shadow lever to high. The screen starts all white, and as you push the shadow slider to the right any area that you are going to loose shadow information will turn dark. Here is an example of what the screen looks like when I pushed the shadow up on the Osprey image.