It's my favorite all-around light meter. It doesn't lose effectiveness in "dull" light, but in low light levels. EV 4 is the lowest it can read as an incident meter. Not too shabby for such a great all-around meter that is so inexpensive, so well built, and does not ever need batteries. You can also take off the dome for an "emergency" reflected reading in low light. This is explained in the manual for my 1950's version. I think you take the reading and compensate it five stops from the slide-less reading. For instance, if without the dome you get '500 at f/2.8, you would actually use '60 at f/1.4.
If you get it, do invest the additional direct-reading hi-slide kit if your shooting conditions and films used are varied. It is one of the things that makes this meter so great to use, IMHO. You just use the hi slide that is printed with your film speed and your base shutter speed, and you get a direct aperture reading via the needle, rather than needing to consult the exposure dial. If your shutter is changed from the base shutter speed, you can either change slides, or just compensate in your head. For instance, if you have the slide for 400 film at '500 in, and your needle points to f/5.6 when you meter, but you want to use '125 instead, you just stop down two more stops than the needle indicates.