Traditional 18% Grey Exposure

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You are right.
I was overlooking that the recording was not limited to single bit steps.



It matters little that Nikon bodies do not so far as I know record 16 bit TIFF files.

So true! But what is recorded in Nikon is the 14 bit raw file. Lightroom or Photoshop use the 14 bit raw to make the tiff file. I know Photoshop can be set to 8, 16 or even 32 bit so that exceeds the 14 bit coming out of current cameras with some room for the future.
 
The meter does not know whether the wall is black or just underexposed.
If the subject has a mix of colours as distinct from black, grey and white most recent Nikon cameras (and some other brands) can read the individual colours (in matrix metering for Nikon) to fine tune the exposure.
 
This entire discussion makes me thankful for mirrorless cameras that show a good approximation of exposure in the viewfinder along with a live histogram and zebras. I don't care what reference point the meter uses because the viewfinder is my light meter. I don't even know or care what the metering pattern or algorithm is because I don't use the light meter. The viewfinder is my light meter.
 
This entire discussion makes me thankful for mirrorless cameras that show a good approximation of exposure in the viewfinder along with a live histogram and zebras. I don't care what reference point the meter uses because the viewfinder is my light meter. I don't even know or care what the metering pattern or algorithm is because I don't use the light meter. The viewfinder is my light meter.
I would certainly trust a histogram for exposure (with all known caveats)—that's what it's for—but I would never trust the brightness level of an electronic viewfinder to gauge exposure from.

I've seen numerous complaints on ML forums of people not being able to see when they're composing in dim light and the response is invariably to turn off the user setting that tries to show the 'natural' view (at which point, you're definitely not seeing any kind of exposure indicator on the LCD, even if you think you were before).

I consider the EVF/LCD to be composure tools only and always look to the needle for basic exposure, histogram for details.

Chris
 
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