Thanks for your answers.
I was thinking they were one and the same function.
That's funny that on the Om-2 it's literally just another dial piggy-backing on the ISO dial, yet is presented as though it's an independent function!
My cameras are more advanced. The EC settings are physically separated from the ISO setting.
Understand that changing ISO in dSLR is analogous to changing film sensitivity (emulsion). In BOTH, changing the EC control merely is putting in a
OFFSET value so that more/less exposure is needed. An
offset adjustment on a rifle scope causes you to move the end of the barrel to the right or to the left to
compensate for wind or target motion. An EC adjustment on a meter -- whether film or dSLR camera -- causes you to move shutter/aperture for more/less exposure, usually to
compensate for the fact that your subject is brighter/darker than the middle tone 18% grey card.
So if you stop and think about it, when in Manual mode with a camera, putting the indicator to the Right or to the Left is merely PUTTING IN AN OFFSET...effectively the identical action to using the 'EC' control of the film camera or dSLR in one of the auto control (Av, Tv, P) modes! And the OM-2 dial piggy-backing on the ISO dial is merely a mechanical way to achieve the SAME offset!