Proper exposure requires several bits of information:

- how much light is available to work with
- how a particular recording medium reacts to light
- what is important in the scene and where to place it in the range
that the medium can record
- what is unimportant in the scene and when/how to ignore it (or hide it)

In-camera meters operate on reflected light, which alters their
assessment of how much light is available as the dynamics of
reflection and absorption in the scene also causes variations in the
meter reading. Live Histograms, review histograms, saturation/clipping
blinkies are all tools to allow you to assess what the meter is
seeing. Useful tools, but you still have to understand how scene's
dynamics influence total exposure to make best use of them, and what
exactly they are reading from relative to your desired output product
from the camera.

Hand-held meters can operate on both reflected and incident light.
Incident light metering nets a more direct measure of the light
falling on a subject regardless of subject reflectivity, relative to a
calibration constant (usually 18% average reflectance). Reflected
light meters are subject to the same considerations as in-camera
meters, but can be used with optics to limit the area they are
measuring, etc, for accurate assessment of the light values and
comparison of same.

I've never seen any useful benefit from trying to calibrate meters to
digital cameras other than very casually. I more often take the
strategy of using a good, reliable incident light meter as a reference
against which to understand the behavior of the camera's sensor and
metering system. A hand-held incident light meter is a simple thing
and easily understood. I can use that understanding to determine
whether the ISO settings on the camera are conservative or optimistic,
what the dynamic range is in approximation for each ISO setting, and
what the camera's metering calibration is set for. A couple of quick
test shots with a triple-target (black, white, gray) with the camera
set to the reference meter's recommendations for each ISO setting, and
noting what the camera's meter recommends by comparison, provides all
this information.

My reference hand held meter is a Sekonic L328. I'd like to upgrade to
the L-358 model sometime as it has a much larger integrating dome, a
larger range, and is more accurate. I use the L-328 a lot: it provides
superb light readings for use with all my cameras.
-- 
Godfrey
  godfreydigiorgi.posterous.com

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