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How much of a difference does 1/3 a stop make?

 
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Then, you want to err on the side of overexposure where the film has far more latitude.
 
that's a good test and you'll be surprised with all the shadow detail you'll get with overexposure.
 
I'm sure everyone here is familiar with the 'rules of thumb': For negative film err toward overexposure; For transparency film err toward underexposure. Of course, it depends on whether one has metered correctly and on the subject matter.

If the exposure is already nearing loss of important detail then yes, 1/3 stop in the wrong direction does make a difference between a great image and a very good one. Once detail is lost it can never be added. If the meter reading is already deep into the toe of a film's lower limit and if that shadow detail is important then we'd better not expose 1/3 stop less. If the reading is already high into the shoulder and that highlight detail is important (usually slide film) then we'd better not expose 1/3 stop more.

Most of us don't work that close to the edge but those who do know this is absolutely true.
 
A slight under exposure with slides, can provide color saturation.
 
The scene is Procrustes' bed, the film the hapless wayfarer.
 
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Yep. Slide shows were either the best or the worst way to spend an evening, depending on whose slides they were! Kodachrome looked good a half stop under. What little that remains today of E6 slide films aren't as amenable.
 

Pentax, I think you are mostly right, and for ages, photographers have just opened up a little to get better shadow detail. You would still need to find out your optimum development time but that is not hard to do.