Middle gray on paper does not mean the tone of the Kodak gray card in the scene. There are many variables between the scene and the paper/a positive.
For example, contrast adjustments (push/pull, soft/hard paper) which will change the placement/tone of the gray card in the print.
IMO part of the reason there is so much confusion about gray cards is that people default to the thought that the card in the scene should match the card on the print and fall exactly in the middle, that's not a given, more of a myth actually.
Mark, I disagree. I verbously expressed my thought in another post in one of those concurrent threands that are taking place on APUG regarding exposure and middle grey and k factors etc.
Basically, those like you who develop and print themselves do not consider that the world at large does not develop nor print themselves. You are "too evolved" and have lost the simple basic truths of this industry.
Normal people take slides, or colour negatives, bring them to the laboratory, where they are processed in an industry standard way, and they expect them to be exposed correctly which means, briefly, that middle grey on reality looks middle grey on the final product if they follow the indication of their light meter. Normal people have no idea what the "speed point" is and they don't need to have it. They don't need to know sensitometry to take "correctly exposed" pictures.
18% is the visual "middle point" of human vision, and corresponds to 128/256 (or 127/255 if we have a representation with the zero) in the digital world.
The scale from 0 to 255 used in the digital world is a "perceptual" one.
The assumption by wiltw that by taking a picture of a grey card he should obtain a colour expressed in RGB as 128, 128, 128 looks to me quite correct. In a slide film 100 ISO he should obtain a density of -1.
Now, as we know, theory and practice differ: flare on the card and other factors might cause a deviation. But in principle, in theory, 18% grey is 128, 128, 128 and that is the "correct" exposure for a grey which is supposed to be perceptually middle (which does not mean it is the exposure the photographer choses, for artistic reasons or for any reason connected to its work-flow).
Stop shaking all my certitudes!
PS You know there is, in digital, an exposure technique known as "exposing to the right". That's a certainly appropriate way to expose a frame and some people such as myself use it routinely. That gives the best results but only if you "develop" yourself (starting from raw). It's not the "correct" exposure but certainly is an effective way to expose a frame if one has full control of the workflow (like you have in B&W developing and printing). For my lightmeter, all those frames are overexposed for my ISO speed. And they, literally, are! They are overexposed and underdeveloped, which gives a better result. But the straight "industry standard" JPEG derived from it is overexposed. The "correct exposure" is the one that gives me middle grey (128,128,128) on the JPEG developed in the default (industry standard) way for my ISO speed. The light meter calculates the exposure for the default JPEG.
It's as if you and some other people shoot digital and spent so much time developing raw images that you forgot that default JPEG exist and said: the correct exposure is the one that avoids clipping highlights and the correct development/printing is the one that gives the desired tone on the final image. Yes, of course. But also no.