exposure, dynamic range, levels

I have been using v4 a little, and I marvel at the extra tools that are provided. However, I am still uncertain about the best workflow. The manual recommends, exposure, dynamic range, levels, curves. There are multiple ways to deal with "problems" in an image. An example.

Say a pictures shows blown out highlights. By reducing exposure you can deal with this. Bu you can aso correct is with the high dynamic range tool, and with using the top right slider in levels. What is the best?

In v3.7 is used the auto adjust in the exposure window as a starting point. The programme would correct usually by decreasing the exposure value. In v4, on the same picture, auto adjust will usually increase the exposure?

Is this because v4 has more subtle tools?

Any input into your workflows, and why you use it, will be much appreciated