E.L.. Shapiro wrote:
The practical theory, as I understand it is to shoot everything at a fixed low ISO, not a variable setting and the underexposed images will be normalized in post-processing. The cameras with this technology are said to have low noise using this methodology, and only a little shadow detail will be lost.
ISO invariance is an unintended consequence. None of the camera manufacturers advertise it as a feature. The OP is correct in noting that from an engineering perspective it's not a "thing" and modern sensors aren't really ISO invariant. In fact three of my newest cameras seem to have gone the other way in that they all contain sensors with dual impedance read channels and yet they're also the most ISO invariant cameras I've ever had.
ISO invariance, from as you note a practical perspective given that most of us own cameras because we take photographs with them, is a by-product of the fact that our camera manufacturer's engineers have managed to basically engineer the read noise out of the systems. The better they do that the more ISO invariant our cameras become whether that's an intended consequence or not.
Noise in our photos comes from different sources but the two main sources are shot noise and what used to be read noise. Shot noise is in the signal itself and is the noise most of us see when we complain about noise. Read noise is added by the electronics -- it's in the sensor and supporting electronics and it's quickly becoming a non-issue from our "photographic" perspective. The gain applied to the analog signal that comes with increased ISO suppresses read noise and so using the camera's higher ISO settings was important to get best results. Notice how I had to write than sentence in the past tense.
So as photographers who use cameras whether it's deliberate engineering or not is moot. It's real. Here's a quick example and to do this I haven't grabbed one of my newest most ISO invariant cameras but rather my little Canon 1" sensor G7 compact that costs $400.00; it illustrates just how common and effective this has become. I put the camera on a tripod and metered the scene for ISO 6400 and took the photo with the camera set to ISO 6400 -- 1st photo below. Then I changed the ISO to 400 and took the photo again at the same exposure -- 2nd photo below. I saved raw files and processed both the same with the exception of the exposure variance as the ISO 400 photo is technically 4 stops underexposed. I turned all luminance noise filtering off. (Point worth noting: If I used modern noise filtering on these photos there'd be nothing here to see.)
The third photo below is a 100% side by side of the noise in the shadows between the first two photos. You're seeing the shot noise in each and it's the same -- it should be as it's in the signal and the same exposure is the same signal. There isn't enough read noise in that camera to spit at. With the same exposure the sensor recorded the same data. Now if I had tried that with a decade older camera like a Canon 5dIII or 60D the ISO 400 shot would be horrible by comparison with a lot of the shadow detail swamped in read noise. Nothing wrong with a 5dIII it's a great camera the point simply would be that if you need ISO 6400 you better set it and use it. With my little G7 I can process the ISO 400 shot to have the same noise and shadow detail as the ISO 6400 shot.
Given that the JPEG from the ISO 400 shot is worthless and not a very good indication of what you've captured and your exposure this can all seem like useless trivia real fast. Why for heaven's sake do that? Just use the appropriate ISO right? There is one other difference that can occasionally matter. With my G7 set to ISO 6400 I'm capturing at best a dynamic range of 4 stops. With it set to ISO 400 I'm capturing a DR of about 8 stops. That can be meaningful in some situations. So look at the 4th photo below which is again a 100% side by side comparison. Four stops of DR in the ISO 6400 shot wasn't enough to prevent highlight clipping in that lampshade. There's no data there in the raw file -- effectively it's ISO clipped off. But 8 stops of DR in the ISO 400 shot was plenty to capture that lampshade highlight. It's still an esoteric application but it can matter and in our newer cameras it's becoming increasingly real and available intended or not.
E.L.. Shapiro wrote:
The engineering is, unfortunately, way above my paygrade, however, I would be interested in the practical advantage s this system in terms of results, aesthetics and image quality of the final product. In my own work, often rendition of shad details important and anything that could diminish that could be problematic.