Another opinion from Admiring Light:
http://admiringlight.com/blog/full-frame-equivalence-and-why-it-doesnt-matter/2/"The Fallacy of Aperture Equivalence
While crop factor has a use simply to compare focal lengths between formats and such, the constant comparison of a smaller format lens to its full frame equivalent aperture is largely unevenly applied and misunderstood. Its often used to show that a smaller format is inferior or not capable of the same things as a larger format. In some cases, this usage is correct, but it is also nearly never used the other way.
Ive heard many times Yeah, your 75mm f/1.8 is crap its like a 150mm f/3.6. No, its not, its a 75mm lens with an f/1.8 aperture and a field of view that is the same as a 150mm lens on full frame.
What IS true is that the 75mm f/1.8 is not capable of the same ultra shallow depth of field as, say, something like the Sony Zeiss 135mm f/1.8 on full frame. However, this is essentially the ONLY way that it is inferior. It passes the same amount of light, and it exposes as an f/1.8 lens because it IS an f/1.8 lens. If Ive chosen a smaller format system, Im already OK with the fact that it doesnt equal a full frame camera in the noise department, so there is no aperture advantage after the fact. Those who harp on aperture equivalence as it relates to shallow depth of field also IGNORE all the BENEFITS to having more depth of field for the same aperture:
Times you WANT a little more depth of field than your lens can provide wide open. (portraits where you want more than one eyelash in focus; indoor travel photos like shooting inside a cathedral, etc). Often these situations are situations where a tripod is not allowed or not practical.
Studio work, where apertures are typically f/8 to f/11 for full frame users to get a persons face completely in focus. With the smaller format, you can use strobes at 1/4 the power as the full frame user can, allowing for flashguns instead of studio strobes, or faster recycle for the same strobes.
Landscape photography when its windy, or youre trying to stop motion being able to shoot at f/8 rather than f/16 can be quite helpful.
Macro photography, where inherently deeper depth of field is most desirable, especially when lighting is problematic.
These situations make up a LOT of shooting. Now, when light is limited in any way, these advantages come up. Now, sure, you can up the ISO two stops on the full frame camera to compensate (or 1-1/3 stops when comparing to APS-C), but now, the full frame camera has just lost ALL of its image quality advantages, and youre still stuck carrying the larger and more expensive gear.
When do you need to stop down indoors? Group shots, any time you want to get two people at different depths in the image in focus, indoor architecture shooting when traveling (most European cathedrals wont let you use a tripod), etc.
Most advanced photographers using a smaller format understand the tradeoffs"