DxO (and some other site I don't recall) has enough of a grasp on things to detect that manufacturers were faking the ISO when using wider apertures like f1.4. Apparently the steep light rays are not as easily detected, so it doesn't gather as much light as it would have on film. (By the way, this makes sensor size even more important, as, presumably, you can't rely on a large aperture from giving you an equivalent look.)
Anyway, what is a camera? Film did complicate things in that the film was fixed at a certain ISO. With a digital camera, the ISO can be whatever. So, what makes one camera different from another? When I'm using a camera, the only things that matter are:
- The shutter speed
- The amount of noise (and detail) in the resulting photo
Ok, you can also compare things like dynamic range, but for the most part, people are concerned about noise -- perhaps looking at the resulting detail is really the key. Using RAW and a good conversion program and careful use of NR, you can extract a lot of detail even from high ISO photos.
I may not have control over the aperture, or it may only go but so wide. I may be limited by sensor size or quality. But all the camera does is gather light, but in some situations, you need to keep the shutter speeds up. It doesn't matter if the manufacturer fakes the ISO, if I use the same shutter speed with two cameras, I can compare the results.
On DPR recently, someone posted an argument that the LX5 produced better low-light photos than the A6000, but the shutter speeds were vastly different. Thus, the comparison made no sense to me.
So, the way I look at it, it's just a light-gathering box.
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There's a free iPhone app (ad-supported) called Light Meter that will calculate the (film-style) camera settings for you -- ISO, shutter speed, and aperture, and allow you to make modifications, using information it gets from the camera. It can (optionally) also display an EV value, but as you say, it's based on ISO. You can change the ISO and get a different EV value. Maybe you can explain to me what that means -- I agree, it would be handy to know the actual brightness of light, but I guess it has to be tied to some scale.
Anyway, if there's a formula for what you want, it can be programmed. If you had enough examples, you could probably derive the formula.