I've got the meter and played around with the target but I think I need a serious conversation with the product manager and more info. For one, you're told to shoot a bracket of this target, then find one with a value of 118 for a certain gray patch based on exposure and your raw processing. That will not work since we have working spaces with different tone response curves (gamma curves). If you're shooting the same image and using ProPhoto RGB (1.8 TRC) versus Adobe RGB (2.2), the SAME image from the converter will produce very different values for that patch.
2nd, I don't think this calibration takes the expose to the right into consideration either. On brackets that looked 2 stops over, I could easily use the Lightroom exposure slider to get the image back into perfect appearing exposure with far less noise in the shadows. IOW, you need to know where to place the exposure based on the raw converter and its rendering abilities. A plus 2 stop image initially looks awful in LR but you can normalize it and make a preset. As long as you don't over expose the highlights, you're better off targeting for that end of the scale. I don't see how the target calibration process as described (and the instructions are not so good) takes this vital process into consideration. I have a lot to learn about the product and initially I think the approach taken will work, I just don't think its totally thought out, certainly not with respect to the color space of your images.
I want to expose for the raw, I could care less how the image appears on the LCD or JPEG (which I don't use). IF you expose for the LCD or JPEG, you're not exposing for the best raw qualities!
