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I couldn't find another thread that covered this topic in detail… There seems to be several schools of wisdom on approaching typesetting ragged right copy:
• Sort widows and orphans, no hyphenation, turn over all overhanging small words – and smoothing out heavily ragged text (this creates shapes that this article frowns on http://www.fonts.com/aboutfonts/articles/finetypography/ragswidowsorphan...)
• Have a balanced rag, not turning over small words etc, sort areas where optical shapes are created in the margin – as described in the link above.
• Sort widows and orphans – leave everything else.
• Little or no typesetting of the rag itself and possible use of hyphenation, see Grid Systems in Graphic Design by JMB-Brockmann.
I'd be interested to know what the typophile conventional wisdom is on this subject. It's not covered at any length by Bringhurst I don't think.