The film is tested in lab conditions, and under those conditions the negative will yield sufficient shadow detail and excellent tonal rendition all the way to the highlights and without blocking up the highlights. Basically, a 'technically' perfect negative.
This is when the Exposure Index (EI) is the same as the box speed, or ISO rating.
When you develop film, the conditions are almost invariably different than those in the lab setting, and if you expose the film at an exposure index you may, or may not, get sufficient shadow detail. If you don't get enough at EI 400, you need to feed more light to the film. So in this case you would change your EI to whatever 'speed' would yield the appropriate amount of shadow detail you want/need for your ideals.
Many things dictate this:
1. Light meter variations
2. Use of light meter variations
3. Lighting conditions
4. Camera shutter accuracy
5. Camera lens aperture accuracy
6. Your water quality
7. Chemistry used while developing
8. Developer temperature
9. Developer agitation technique
10. Any random factor in between those steps.
Look at the ISO rating as a recommendation. Then find out what works for you and shoot the film at that exposure index.
For me and the developer/technique I use, I actually can shoot Kodak Tri-X at an EI of 400 with results that are perfect for my use. Many other photographers will shoot it at 320, 200, 160. I've heard of people shooting it at EI 50 - because it yields a negative that works for their process.
I hope that helps in explaining it. Have fun with this, it is a real joy to work with film.
- Thomas
If, for example if I were shooting Tri-X 400 and set the ISO in the camera at 200 would I still meter the same and set the shutter speed the same as if I were actually shooting at ISO400?