I know that when shooting you have to stay within the legal levels of your vectorscopes, however I always get better footage with the xl1s when I exceed the exposure level over 100, brighter colors, deeper contrast. For broadcast is it really important to stay within the limits or can you get around it by going above sometimes, or are there any ways to get the over exposure look but not go over?
Depends on who is broadcasting it. If its Discovery or PBS... They have supertight standards. If its HGTV or MTV-4... well, not so much. Most of the time when I'm color correcting everything is WAY illegal to get it to look film like. But it does not air on NTSC-TV. So I don't have to worry about it. BUT! I have read that if the color info is overloaded it can interfere with the audio subcarrier and make the sound distorted.. I've never seen this myself. But it is writen. Maybe they were talking about VHS tapes...?
You can always get the look you want and then run the Broadcast Safe Filter on it...