Have any of you looked into the claims of some camera manufacturers that their cameras are 'ISO invariant'? It appears to be equivalent to saying that an under-exposed image need not be boosted in camera but can be recovered in ACR later on. We've all taken advantage of this by boosting shadows in ACR so this is nothing new. What they appear to be saying is that some cameras have such a low noise floor that you can get away with multiplying the sampled brightness values after ADC conversion without unduly bringing out noise in the shadows.
How true is this?
Do we still need to dial in ISO?
As a former electronics engineer, I can't quite go along with these claims 100%. All sensors will be limited by shot noise due to the variation in the numbers of electrons collected by each pixel which is a function of quantum efficiency and incident flux density. Then there is thermal noise, dark current noise and read noise before conversion from analogue to digital. In any system, the contribution of noise is worst at the start of the signal path where the signal is weak and so it makes sense to apply amplification early in the signal chain. If you wait until later (after A/D conversion) you are effectively amplifying the contribution of read noise and quantisation noise. Boosting the sampled pixel values at this stage brightens the image but does not increase the signal-to-noise ratio (SNR).
I use a 5D Mk III and it has good low-light performance because the pixels are large and the sensor electronics are reasonably quiet. The signal from each pixel is amplified locally so the ISO setting is only amplifying the effects of shot noise and dark current (with a minimal contribution from thermal noise in the amplifier itself) and therefore the signal plus some noise is greater when the effects of read noise and quantisation noise are taken into account. For this reason, I think it's best to adjust the ISO (as far as this controls local amplifier gain and not just multiply sampled values in software) rather than rely on a low noise floor and boosting the signal plus noise in post.
Theory aside, I'd be interested to hear about anyone who has been pushing under-exposed images from so called ISO invariant cameras. Do you think the quality is good enough or will we be setting ISO ourselves for a while longer?