Rudeofus,
Great reply: succinct and informative.
At the risk of seeming wordy in contrast, I'll still comment...
When using two polarizers stacked, you change the amount of light transmission by turning. The problem is, when compared to ND filters, that there is no standard filter factor. You must meter through the filters in the exact orientation you will be using them. This is no problem with TTL meters, but if you're using a handheld meter, you need to make sure the polarizers end up on the camera lens correctly. Use the dot or printing to make sure they are oriented correctly. Also, when metering make sure that no stray light gets into the meter or you may end up underexposing. This is no problem with spotmeters, but with wider angle reflected light meters and incident meters, it can be tricky.
If you're shooting color, you may have to add some cc filters to your mix. These will have to be determined by testing, since different polarizers behave differently.
Best,
Doremus Scudder
www.DoremusScudder.com