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Here is a quick summary:
- The Metz M400 supports Pentax P-TTL and provides flash dedication on Pentax P-TTL bodies. It also supports manual flash and "auto" flash using its own on-board sensor.
- Very few Pentax film cameras support P-TTL. Fortunately, the MZ-S is one of that exclusive club.
- The MZ-S also supports regular TTL (no pre-flash) with a large number of flash models for both the first generation (analog) and second generation (digital) protocols.* See the MZ-S manual for details of which models do what.
- The LX does NOT support P-TTL and would be limited to "auto" flash or manual mode with the M400. Fortunately the LX does support first generation (analog) TTL and also is compatible for that feature with a goodly number of Pentax flash.
- Figuring out which Pentax flash support TTL on the LX is a chore since, with few exceptions, one must go to the flash manuals themselves. I am not aware of any "Ultimate Pentax Flash Compatibility Matrix".
My opinion is that the Metz M400 would be a very decent choice if the MZ-S or a Pentax dSLR were your target camera and would only be workable on the LX. However, your broadest compatibility would be with the Pentax AF540FGZ or AF360FGZ where all bodies back to the early 1980s are supported to their full capabilities.**
Steve
* The older, analog TTL control protocol used a hot-shoe with three contacts on the face. The digital TTL control protocol added a fourth (data) contact to allow complex signal exchange. It is not unusual for later cameras and flash to support both protocols. Earlier models generally only support the analog version.
** Basically, this means active cooperation with the body to balance exposure, support for full manual, "auto" flash, TTL (analog protocol), TTL (digital protocol), and P-TTL.