Sorry, have only just seen this thread.
The scanner is a fixed exposure device. That's why the initial scan never fills the histogram range. It doesn't give more (longer) exposure to darker material. All the scanner software does is take the scanned RGB values and amplify them. Which is why dark original films tend to scan very noisy, compared to what yuo'd expect from a darkroom print, where the pinter will incerase the exposure - and as there's no noise, this doesn't affect image quality.
Autoexposue just expands the input range to fill the output colour space. And therein lies a problem - if the output space from the scanner is wider than the space you use in photoshop, there can be some clipping. Similarly if the space output from Epson is smaller than the space you use in photoshop, it may look as if there's no clipping.
The left input scan in Larry's example will cause clipped output. Whether this is siginficant in the final image, I can't say. I'd guess not, based on his comments.
One other thing on the autoexposure. It's perfectly capable of clipping a single channel, and you'll see the black/white sliders sitting slightly inside the histogram ends when this happens, simliarly if the black/white sliders are outside the shown histogram after auto exposure, it's because one channel has a larger range than the other channels.
Manual histogram adjustments that ignore the 3 colour channels will frequently cause clipping in individual channels.
Noise - the histogram always shows dark to light from left to right. Negatives scanned as negatives are converted to positives before the histogram values are calculated. So scanning negs, where the darker, noisier parts of the film are the bright areas of the final image can bring up noise that you may not initially recognise as coming from the film. Another issue here is the maths involved. We're working with linear output from the scanner sensor, but an exponential curve for exposure. Net result is that the scanner has less numerical values to cover darker film areas, so resolves a lot less detail and is more likely to posterise the result. Add onto this the amplification needed to get shadow detail and the result is that most scanners can't properly resolve the darker areas of film, it just degenerates to a noisy, often posterised mess.
Slide films generally have a wider histgram than neg films - because the neg films have a wider exposure latitude. This can result in noise, particularly where the bulk of the scan histogram is to the right of the x axis. Be careful here, and always scan in 16bit mode. Banding, posterisation are also big issues resulting from the narrow density band of a typical neg film. Consumer oriented neg films seem to be worse, as they're designed with a higher exposure latitude than the pro films, so they cope bette with bad/non-existant exposure controls on point and shoot cameras.
If you really want to push the scanner, get a film target, calibrate the scanner and scan raw, applying the profile in PS. BUT - this prevents you from using ICE. Or apply the profile in Epson scan, which does allow ICE, but can lead to clipping if you're not careful.
Another approach is Vuescan, which will generate scanne pofiles if you have a taget, AND allow multi pass scans, so reducing the noise effects of dark film. Seems to do a good job as well, certainly on my microtek, where it's a lot bette than the supplied (and expensive) Silverfast. (Profiles are useless for negs, btw.). Order IT/8 tagets from Wolf Faust,
http://www.coloraid.de.
Hope this helps.