I am going to add to skippy's post a bit here.
Along with all that he talked about with not knowing HOW FAR OVER you have gone, you also have no way of knowing how ACCURATE the actual metering really is. Don't think for a second that top of the line meters were installed on a unit who going price was $1400 new! Top of the line audio meters cost about half that! So, you can assume that what you see is not neccesarily what you get in the metering department.
But I DO live by "what I hear is what I get", and with a good, clear, high headroom monitoring system, you will HEAR if you pushed it over too much.
If bass frequencies caused the "overs", you are probably going to hear some digital distortion. If it was high frequency stuff, like 8KHz or higher that caused it, you probably are not going hear it. According to Bob Katz (
http://www.digido.com) you need to have about 8-12 samples that are "over" to hear distortion. High frequency content may not last that long, thus, your ear would not detect the "technical" distortion that was caused by an over. Low frequencies certainly will last longer than that. This is why I recommend keeping a very good lid on your low frequency content. To further support this possibility of happening, most people around here are mixing in very poorly designed acoustic spaces, and tend NOT to know what is really happening in the low end of their mixes. Some also are using not so great monitoring. Combine the two, and you have a REAL mess! If your room is causing a lot of cacellation, you will tend to mix too much low end, and if your monitors don't respond well, you may not be hearing low end "peaks", which are VERY hard for any but the most experience to hear even in a GOOD acoustic mixing environment. So, a lot of time I am finding that people may not be getting a good lid on their low end stuff in a mix. It is out of control, and causes you to have much lower RMS levels in a mix because you tend to base your mix more on how it sounds. It is important to learn HOW to read "Peak Metering" to check for low frequency "peaks" that are hard to hear. Sometimes, you can only "see" them. But in the case where the metering on a unit might not be all that accurate, well, then you have THAT problem too!!!! I have recieved DAT tapes to master where on a DAT player the meters will filled out at 0dB constantly. But when the song was transferred into a DAW, and look at and monitored with accurate metering, I found that the song SELDOM hit 0dB!!! So, the moral here is that you can't always depend on the stock metering on your unit! Thus, you may have MORE ROOM, or LESS ROOM to play with. How can you be sure under these circumstances? The only real way to tell is to mess around with it and view your mixes on something where you can monitor the mix with better metering to ascertain just how good the metering on your mix down deck is.
Okay, I am done now....
Ed