While on a recent shoot I was wondering why the image on my camera screen was so soft, wondering if it was my 70-200 that was spoilt. But then I realized I had set my K20D's in-camera NR to 'strong'. I turned it to 'off' and immediately the images on screen were so much more crisp and detailed than before.
I shoot exclusively in raw so my earlier photos weren't ruined as I could apply the proper NR in LR3. Not sure if you guys think that the images below are too noisy for your liking, but to me they appear perfectly fine. Shot with K20D, ISO1600, f/2.8
Regarding the original question about whether to use high ISO or intentionally underexpose and boost in post-processing software, firstly I assume that this is going to be done in raw, since using JPEG will discard all the shadow detail in the underexposed shot, of which you'll need every last bit of.
From what I've read (such as:
http://dpanswers.com/content/tech_iso.php), for most of the ISO settings, the voltage in the photon wells are amplified on the sensor before being sent to the analogue/digital converter to form the raw file. On my K20D, that stops at ISO3200.
Beyond that, to get to ISO6400 on K20D, Pentax calls this "Expand sensitivity". This works by effectively underexposing an ISO3200 shot and then boosting the exposure by 1 stop in-camera. In this case, one is better off simply underexposing the ISO3200 shot and then boosting exposure in LR to take advantage of the better processing power and control over the exposure/brightness/fill light boost.
On the K-x, this "Expand sensitivity" is probably at a higher ISO. You'll have to check it out, but the same reasoning probably holds as well.