When shooting transparencies I agree that, when push comes to shove (no pun intended), avoiding blown-out highlights usually takes priority over other considerations. Then again, blacked out shadows are no fun, either. That is why transparency films are typically used when lighting is even or relatively soft, as in the so-called "golden hour" (first hour after sunrise or last hour before sunset, although in reality the period of ideal lighting is considerably shorter). Transparency films have at most five stops of usual range (less than that with the more contrasty varieties), so any type of contrasty light will pose problems.
The latest transparency films have fairly good expansion (pushing) capabilities. Fuji Provia 100F, for example, can be pushed two stops with good results, and the higher contrast, higher saturation Velvia 100 can be pushed one stop. Pushing raises the value of highlights while having relatively little affect on shadows, so that if one wants to add "snap" to an image shot in flat lighting (e.g., exposure range of only 3.5 stops), a one stop push would expand the film to a 4.5 stop range, which is at the limit of what transparency film can handle.
However, the main problem facing transparency shooters is that image contrast frequently exceeds what the film can handle, and the traditional solution for such situations (contraction or "pulling") works poorly with transparency films. For example, Provia 100F can be pulled only 1/2 stop. Such a pull lowers the highlight values by one half stop, thus allowing one half stop of additional exposure (opening up the shadow areas slightly) while holding the highlight areas. However, pulling only a half stop rarely makes much difference in the final result, which is why pulling transparency film is rarely done.
When in a hurry, I use an incident meter (assuming I am standing in the same light as my subject), which provides a "middle of the road" exposure reading which errs on the side of holding highlights (most incident meters I've used seem to be calibrated to transparency film, i.e. "expose for the highlights"). When metering in this manner, if the exposure range of the image exceeds what the film can handle, the highlights will be OK but the shadow areas will be blacked out. When using color print or B&W film (with much greater exposure latitudes than transparencies), the incident reading will often needlessly underexpose the shadow areas; when shooting color print film, for example, I most often add two stops to my metered reading since the film will still be able to hold the highlights.
More control is obtained by using spot metering, since one can specifically measure highlight and shadow values and explicitly determine an exposure that will do justice to both (or make trade-off decisions if holding both highlights and shadows is not possible). A complication with using a spot meter, however, is that it is calibrated to an 18% grey scale target, and subjects with different tonal values and reflectivity will throw the metered readings off, sometimes by over two stops. One solution to this problem is to use color cards (such as the Chromazone system, see http://www.photonaturalist.com/chrom...torial_2a.html) to correct for different reflectivity readings. A more common approach is to develop a good eye for tones (ignoring the distraction of colors) and become well practiced at identifying those elements within a subject which have a similar tone to 18% grey scale, and which therefore make accurate targets for meter readings.
I personally use all of these approaches, depending on the situation. In challenging lighting conditions, however, I always bracket. Better to expend some film to ensure getting the shot, than risk losing everything due to an exposure error.
Spot metering to a highlight value only (such as adding 1 1/2 stops to a cloud reading as mentioned above) will typically record the highlights well, but leaves the shadow values undefined and possibly too dark. In my experience, digital manipulation using a drum scanner can successfully raise shadow values by one to maybe two stops, but anything more than that will result in an unacceptable amount of noise in the shadow areas. For this reason, I shoot contrasty subjects using color print or B&W film, rather than relying too much on the drum scanner to retrieve lost shadow detail. However, the best results usually come from returning to the subject when the lighting is softer (within a range that transparency film can handle), since color and texture will be best rendered in such circumstances, regardless of the film and exposure techniques used.
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