srt101fan wrote:
Wouldn't the two meters also agree if the scene average reflectance equals that of the grey card?
Yes! However, in reality, that may not be the case. It is often hard to discern whether "average reflectance" exists, if there is a light source or specular reflection of one in the scene, or if the scene is monochromatic in a saturated color.
I like my exposures and white balance to be accurate enough to use a JPEG out of the camera. The only time I don't, is when I'm practicing EBTR (exposing beyond the right side of the camera's JPEG histogram when recording raw files). In that case, I don't bother saving JPEGs... The raw file MUST be processed to recover highlight information that would otherwise be burned out. EBTR is used to preserve more shadow details, but requires careful testing and practice to achieve acceptable results in the highlights.
I use different metering methods for different situations. When I have time to set up a scene, and when I'm working in an environment with consistent lighting (office, school classroom, etc.), I use Delta-1 gray cards, or an ExpoDisc, or a One Shot Digital Calibration Target to set BOTH manual exposure and custom (also called manual, or sometimes preset) white balance. That method gives me great JPEGs I can use immediately, if need be, and also gives me a reference photo for post-processing raw files.
Whenever I photograph many things in the same, consistent, never-changing light, I lock down the exposure and create files that can be adjusted as a batch, with one click, after processing the first one.
When I do "run-and-gun" work, I record raw images (sometimes along with JPEGs if immediacy of use is important), using the iA+ (Intelligent Auto) setting, or Aperture Priority, or Shutter Priority, or Program Mode, on my GH4. The choice of mode depends on what's important... getting the image, maintaining depth of field, freezing action, or some on-the-fly adjustment compromise of those things. Since the exposure compensation button is right behind the shutter button, I can quickly apply a correction for lighter and darker subjects, when needed.
As an aside, the only time I use Automatic White Balance is when the light is changing rapidly, and I can capture a neutral in the scene (white bottle cap, gray card, target, etc.). AWB works best, when the light source is close to Daylight. It gets really wonky under incandescent lights, and 2700K LEDs and CFLs.
Metering and white balance are intimately related. If you do a custom/preset/manual white balance, get the exposure right FIRST.