I think I misunderstood your question a little. I use the built-in light meter to help judge where the exposure lies and then while I’m changing settings such as shutter speed or ISO, I can watch the arrow move along the number line which further helps me judge. Then, you’re correct, I do review it on the LCD (I was thinking you meant shooting in Live view mode, dumb assumption on my part!) and if it doesn’t look quite right I take another shot and adjust accordingly. However I think in a lot of situations I would benefit from looking at the histogram after the first shot, then I’d get it right on the second if the first wasn’t exposed quite as I wanted it. Sometimes using the light meter alone I end up with a handful of shots of the same scene. Granted, it is easier with portraits, as the main goal is to make sure the face is exposed properly. For shots like my sunset, there’s a range of “good” exposures and it kind of depends on the photographer’s personal opinion. After reading all the posts in this thread, I think the best thing for any of us to do is to use both or all methods available for exposing. I will for sure be checking my histograms from now on. Less trial-and-error that way I think.
Speaking on viewing the LCD in bright light, I usually walk into shade or cup my hand around the edges to get the most accurate view of it. I’ve set my cameras’ LCD screens to most closely match the brightness of the finished prints and my computer monitor. By default, LCD screens are often way too bright, giving a false sense of bright exposure when in reality the prints turn out dull. I know this from experience from when I was just starting out.