No, it's not another KR faux pax
http://forums.dpreview.com/forums/read.asp?forum=1021&message=23979861
http://forums.dpreview.com/forums/read.asp?forum=1021&message=23979861
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Interesting DPR thread
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I don't really see the point when I can just look at the histogram. Of course, my D50 can't display an RGB histogram. It only displays a "green" histogram and passes that off as an overall luminosity histogram. 
The only situation I can think of where this could be useful (off the top of my head) is if you're shooting something....say, a tree or flower or something, and there isn't a lot of green in the photo, then your camera is likely to underexpose since 50% of the pixels only pick up green colour, so you're better off overexposing on purpose to make up for the lack of luminosity that you'll get from just the red and blue channels. Or maybe I misread and misinterpreted the information. I read that post while working at uni.
The only situation I can think of where this could be useful (off the top of my head) is if you're shooting something....say, a tree or flower or something, and there isn't a lot of green in the photo, then your camera is likely to underexpose since 50% of the pixels only pick up green colour, so you're better off overexposing on purpose to make up for the lack of luminosity that you'll get from just the red and blue channels. Or maybe I misread and misinterpreted the information. I read that post while working at uni.
The point is that when you do look at the histogram, you will have more information to evaluate what it's telling you. Especially pertaining to how to evaluate the tonal values against blow-out on a single channel. It also helps to know what values are used for what portions of the histogram and how it affects overall luminosity, especially when trying to map things like old "zone system" tonal values into a digital histogram. One of the measures of craftsmanship is having a good understanding of the functions and limitations of your tools- the deeper the understanding, the more useful the tool and the more skillfully wielded.