The increased sharpness comes from the way the seasoned developer builds up an equilibrium of Bromide & Iodide, and this in turn with the high Sulphite level also helps with the finer grain. The restraining effect is more about development time rather than film speed.
In a dilute scenario of say 1+3 the bromide & iodide released during process are more significant and act in the same way as in a replenished developer.
Remember that developers like D76 (& Xtol) were designed to be replenished from the outset, Kodak originally suggested a different Fine Grain developer for small scale use back in 1927. (Haist's H76 is close to this)
So while there may be advantages in using one shot & dilute developers there's greater advantages in using replenishment if your shooting enough film each month. This is more about the economics of the no of films processed over the developers life.
I don't use Rotary processors, rather Jobo & Paterson inversion tanks, and so the economics are easy a 5 litre pack of Xtol used one shot at 1+2 processes 90 sheets of 5x4 film, whereas replenished that rises to 158 sheets. More when you replenish further with a fresh pack of Xtol, more like 285 sheets per 5 litres.
In practice Kodak's replenishment factor of 70ml per 80 sq inches (4 5x4's) or 120/35mm film is rather more than is needed and as it's a bleed system you are removing some developer to add the fresh.
Once your used to using replenished developers you find it's easy to keep the stock well balanced.
Ian
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