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Dj Joofa
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the camera only records at the one fixed "real" ISO anyway.
IMHO I don't think that the notion of a "native" 320 ISO has to do with a *fixed recording* on the capturing / camera / sensor side. As far as my understanding goes using 320 ISO has to be interpreted on the software side for the Red camera to be more meaningful. I.e., in software 320 ISO just means that no gain (unity gain) or minimal gain in case it does, will be applied to whatever raw data has already been recorded. Any number higher than 320 in software shall provide greater or more positive gain to that raw data (which has the effect of moving histogram to right) and any number less than 320 in software provides negative gain (which has the effect of moving histogram to left). But, the raw data remains intact.
Basically, what I am trying to say is that if you optically expose to 500 ISO using metering (i.e., changed aperture size, exposure time, etc.) then that does not mean that the camera magically transformed the raw data soon to be recorded to 320 ISO natively, or internally. It recorded what ever was coming out of the sensor that corresponded to 500 ISO metering as determined by optics, and hence the raw data recorded is based upon 500 ISO and not some native 320 ISO data. In my understanding if you use 320 ISO in software, after the optics were exposed to 500 ISO metering, then the software shall do nothing/minimal changes to that data. Any number higher or lower than 320 in software shall have the effect as described above, and in my previous posts.
But, again, I could be all wrong