I dono, I think it's best to understand what happens in a given situation for underexposure and overexposure.
Digital: Underexposure means you get more noise. Overexposure and you clip ("block") in a very ugly fashion. Especially with a digital SLR in RAW mode, you have absurd amounts of shadow detail to draw from, with increasing noise as you go along. The troubles with overexposure is where the expose for the highlights come from.
Slide film: Underexposure means you clip ("block") the blacks. Overexposure means that you clip ("block") the whites. However, blocked whites on slide film still look better than blocked whites on digital. Velvia and Kodachrome can have shadow detail that require either projection, viewing on a light table, or a drum scanner to get out. You need to fit the entire picture within a very small range, maybe 5 stops or so, so you really can't expose for the highlights or the shadows and be assured good exposure. And, unless your subject is a mottled gray wall, you can't really afford to be off by a stop in either direction. Blocked highlights are much more pleasing and sparkly with slide film than digital. Most slide films worth shooting are sufficently grainless that you won't notice large amounts of grain if your exposure is off..... because it'll probably be unusably blocked up anyway.
Print film: Underexposure means that you clip the blacks. Before the blacks go totally black, you'll notice a dramatic increase in grain. The increased grain will go away in your midtones and return in your highlights, although the C-41 black and white films don't always behave like that. You have a much larger range of values, maybe 8-10 stops, but most of that room is in the highlights.
If you consider a "normal" scene as having 5-6 stops of range, this means that you can overexpose your print film by 4 stops and still fit within that range.
The problem with simple maxims like "Expose for the shadows" or "Expose for the highlights" with film is that film response curves are not linear and usually in a not especially pleasing way. This is not generally regarded as a defect in film, as the results from a tweaked response curve will be more pleasing and a perfect scientifically calibrated straight linear curve... and is why digital photographers spend so much time in Photoshop.