Spot Meter Function?
 

I find the HM700's Spot Meter Function confusing and am unable to use it. In theory, I get it: the sensor has a 300:1 dynamic range, so the spot meter reads out a value from 0 to 300%. For those of us who are used to the IRE numbers on a waveform monitor, how do we use this 0 to 300 scale? It's not simply a matter of multiplying by 3, that's not how it works. My understanding is that, if Knee were turned off, a spot meter reading of 100 or higher would be something that is clipping, and that if you then switched over to zebras (set to 100), it would show clipping. The numbers from 100 to 300 are values that the sensor is still able to handle, but are still clipping if Knee is turned off. Turning Knee on brings various amounts of that highlight information (depending on the knee setting) into a range that doesn't clip. Fine.
But what if you want to know the IRE value of say, cheek highlights on a face? Something below 100? If I just want a percentage readout like the spot meter on an HVX200 or DVX100? The HM700's spot meter doesn't seem to give me a reading that makes any sense.
Does anybody here use the spot meter on the HM700? If so, how are you using it? Does it make sense to you? Any insight and clarification would help. I'd like to think that I'm a smart person, but the spot meter on this camera confuses me.

I to am confused as the exact point of it, can I read the 100% as max exposure? Cannot seem to find any articles or tutorials on it.