Ysarex,
Thanks for the clarification.
Marc
I had some time this morning so I went ahead and shot this for you. I think seeing an illustration helps.
CAVEAT: The overriding condition requires we must have a specific shutter speed and f/stop, probably because we're shooting action. As such we don't have the option on the table for a full capacity sensor exposure -- we have to give that up but we're still going to take the photo; our cameras are amazing.
What I did then is setup a lighting condition (high contrast with a bright light in one corner) that would likely push the camera metering system to calculate an exposure giving up the very brightest highlights. I set the camera to full Manual mode with auto-ISO and I locked in an exposure (that's shutter speed and f/stop). I set the camera to it's default metering (matrix) and the EC to 0 and I took the photo. The camera calculated and set an ISO value of 1800.
Then I made one change and took the photo again. The change: I set the EC to -1.3. In this case EC doesn't change the exposure since I've locked that in on M. So the camera changed the auto-selected ISO from 1800 to 720. (Exposure comp no longer necessarily means exposure comp).
I loaded both raw files into C1 and started to process them and what I want to show you is screen shots of the two because the screen shots show C1's highlight clipping warning active in one photo and not in the other. I'm adjusting the photos to the same basic lightness and the brightest highlights are clipping in the photo with the ISO at 1800 and not in the photo with the ISO at 720. With software like C1 and/or LR I could pull back the highlights in the ISO 1800 shot to remove the clipping warning but unfortunately what I'll get is a flat white turning to a flat grey -- detail isn't there because the action of applying ISO in the camera clipped that detail in the raw file -- it's gone for good. But in the ISO 720 shot the camera applied less ISO lightening and didn't clip highlights so full detail is retained.
Let's look at the histograms for the two files. You can see in the ISO 1800 shot that the green channel has started to clip. In the ISO 720 shot the same highlights are no where near clipping.
DOWNSIDE: The camera JPEG is too dark at ISO 720 and if you want/need that JPEG immediately you have to lighten it by removing that -1.3 EC I set. As you do that you run the risk that ISO could permanently clip highlights in the raw file as it's doing in the ISO 1800 shot. So a too-dark camera JPEG is the downside.
Any other downside: Not any more. There used to be another downside. When the analog signal is read off the sensor and we've been forced to underutilize the sensor because of our working circumstances, then a raised ISO most commonly amplifies the analog sensor signal before it's passed through the ADC and converted to digital values. You see that in the two histograms below. The one for the ISO 1800 shot is farther to the right. ISO did that.
Both shots are the same exposure which means both shots start with the same analog sensor signal. The clipping then that's begun in the ISO 1800 shot is caused post exposure by the application of ISO amplification. We call that ISO clipping. Since the exposure isn't causing any clipping it's a rather stupid thing that we've gone and done it after the fact when we didn't have to.
Back up: Cameras from the past (decade ago or more) benefited from the ISO increase and so there was another downside. ISO amplification suppresses read noise. So raising the ISO made the photo less noisy and it mattered that we follow through and do that. That's history now. Our modern cameras have the read noise almost entirely engineered out at the hardware level. So the noise suppression that we used to get from raising the ISO has been made moot. So ISO lightens the JPEG and
that's it's only benefit now. Do you really need that lightened JPEG? If you do so be it, but if you don't you can remove the risk of ISO clipping.
Is the photo processed from the lower ISO 720 shot noisier? No. Shot noise level is determined by exposure. Same exposure for both then same noise for both.
Does the photo processed from the lower ISO 720 shot have less shadow detail? No. Also determined by exposure.
Is there any other UPSIDE: Beyond avoiding the risk of ISO clipping highlights there is one other upside and that's increased DR. ISO clipping takes off two things: 1. brightest highlights and 2. dynamic range. Hope the illustration helps.