The above description is not the way modern Nikons (1984 onward to 2010) perform their light metering. Also, the description that the meter would use a "light color gray as the middle tone" is also not correct; a light meter that would be able to select or chose a light color grey would have to be in the presence of a light-colored grey object,right? No, the above statement is inaccurate on a couple of levels.
Modern Nikon cameras with 3-D Color Matrix Metering and aware of BOTH color, and reflective values!!!! The majority of cameras from other companies are wholly color-blind, and can not differentiate between a black sandy beach or a white sandy beach or a gray sandy beach: there are beaches of all three colors around the world. What an old-school light metering system does is it "averages" whatever it is pointed at so that the "average" result will be an 18% (well,actually 12.5% ARV, but that's technical) Average Reflectance Value: so, to make a black cat look black, using an "old-school" color-blind light meter, we'd need to UNDER-expose by about 1.5 stops to make the black cat look black. If we pointed an old-school, color-blind light meter at a white snowbank in sunlight, the average reflectance exposure would turn that white snow into a muddy, gray mess, so we'd need to OVER-expose by at least 1.5 stops, up to 2 stops or even a slight bit more, to make the snow look "bight and white" and not muddy grey.
The original poster spoke specifically about a Nikon camera, and as a long-time Nikon user, I'm pretty familiar with how their cameras meter in Matrix mode; there are some slight differences among models,however,and not each model performs identically. Nikon owns the patent for RGB color metering; that is why all other cameras are color-blind, EXCEPT the new Canon 7D. Canon has found a way around the RGB color pattern analysis, by using an RGGB or 4-color matrix, with a Green and Green-Yellow, 4-color Bayer,and so Canon is now touting its new color-aware and distance-aware light metering in the 7D model.
In another forum I am on, an old-school Texas shooter was trying to use the old-school guidelines of over- and under-exposing by metering the highlight values with his Nikon D300,and then applying the Modified Zone System type approach Bryan Peterson and many others describe. The problem with the idea of "middle grey" is that 90 percent of all cameras and reflected light meters work based upon the idea that **whatever** is measured is basically like the Kodak Gray Card, and so the user must UNDER-expose black cats and OVER-expose snowbanks, to get the proper offset because what was measured was in fact **not** an 18% Reflectance Gray Card. Because this old-school Texas shooter was treating a color-aware Nikon D300 meter just like his 1975 "dumb" Pentax Spot Meter, his exposure offsets were giving him totally screwed-up results with his D300. That method had worked for years with his film cameras.
Newer cameras that are not modern Nikons and not the Canon 7D are basically color-blind. However, there are sophisticated image analysis routines that can accurately 'guess' how to best expose scenes based on a wide array of data points available to the camera, like, for example: the camera clock time and date( EX: 4:47 AM, Christmas Day, Northern Hemisphere vs July 4, 1:30 PM), EV level (night-dawn-noon-afternoon), white balance, presence of extremely bright sources AKA the sun, size of extremely bright source in relationship to lens lens focal length in relation to focus distance (EX: small extremely bright, upper left hand corner, Infinity distance bright object, 5:45 AM, 95 percent of frame is 16 EV values lower than bright area located in upper left corner = SUNRISE attempt!). So, ,even if a camera can read only reflectance or EV values (ie brightness values), a modern "smart camera" in Evaluative metering modes stands a pretty good chance of being able to take into account all the variables available, and then use a 30,000 or more actual photograph data set to help the metering system analyze many variables to get the right exposure. Pro-level Nikons of the D2 and newer generations have you enter your City location in the clock/date/time for a reason,namely exposure calculation assistance. Sunrise and sunset times are easily known and entered; shots made between 9:00 PM and 5:00 AM throughout most of the year will have artificial or flash white balance if the EV value is "high-ish", ie, lighted by more than moonlight values....computers are dumb, yet smart...
Bottom line: in "Evaluative Metering" modes or the "Scene" metering modes, some of the old-school ideas about 18% gray, AKA middle gray, and all that are not always valid,with every camera; the "old-school" idea also had a color slide versus color negative aspect to light metering. Modern digital cameras now shoot only one type of film: what would be color slide film, metering wise. Like Big Mike said, metering can be a very involved topic. With some cameras, like the newer Nikon's, the Matrix metering is very hard to use with the exposure compensation methods that old-school light metering methods were based upon, and that is why I said it is silly (stupid) to use Matrix metering with a Nikon in a manual exposure mode.
One thing MANY cameras have, is sensitivity to the actual focus point in use. Both with the metering and exposure settings the camera does with natural light, and with flash light. So, again, yet another complex issue. It's one reason that understanding one's own camera, and its manual, is so important.