>>Wait a second! How will the camera know if 123, 123, 123 is really a white fence in the shade or a grey card in full sunlight? << Actually, the meter doesn't ( you're correct ). The meter does reference off a blue sky if it sees that color above a certain EV level. That's why the meter produces relatively accurate readings with snow scenes on sunny days, but less accuracy under cloudy conditions. It generally wont allow an exposure above a certain EV level with a blue sky reference in the frame. Pete