Zhibo Lai
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Sometimes it's easier for me to understand if I've put it in my own words. Can you tell me if the following statement is true?:
The sensor has one sensitivity, 320 ISO, and all others can be thought of as "virtual" ISO's. No real gain adjustments can be made in-camera like they can in my HVX or 5D. Regardless of what "ISO" I shoot at the sensor accepts it at 320. If I choose 1600 I am, to a degree, pre-choosing that gain/ISO in post because all other exposure parameters (shutter speed, aperture, etc.) were chosen based on that ISO. ISO is "chosen" on set and "confirmed" (with some latitude available) in post. The histogram will change with ISO changes based on the assumption that that ISO will be chosen in post. However, what remains the same is that a gain increase, although now in post, still results in added noise like it always has.
I would add this to it (this is based on my 2 weeks Scarlet shooting experience and combing thru endless threads on RAW vs ISO, and coming from a HDSLR past-life):
The MX sensor, like all current digital camera sensors has only one sensitivity. When you boost the gain in HVX or iso in a 5D, you are not changing the sensitivity, you are digitally boosting the iso and baking that into your clip. With Red cameras, you also have this same option of digitally boosting the iso, except Red does not bake that into your clip. Red gives you the RAW sensor data so you can change iso in post to your liking. The other cams do not offer this feature.
Changing iso on Red gives you an idea of what the image will look like at that exposure. A good rule of thumb is to stay within the goal posts. Those are always RAW, regardless of what iso you select, they don't change. If you don't clip RAW, you have more room in post to adjust the image.
In addition to shooting 800 iso for highlight protection, I'll change up the iso and monitor the histograms for how much "acceptable" clipping there is. This will give me an idea of how much latitude I have to adjust the iso in post.