Nope, 100% incorrect! There is NO mechanical coupling for the aperture level to be read by the camera body. The camera has NO idea what the aperture is set to.
What happens is you set the aperture ring to f/5.6 (as an example). You are in M-mode. The lens is wide open while focusing/composing. You hit the Green-button/AE-L button. The camera will "pretend" it's taking a picture (same thing that the DOF preview switch does) and stop the lens down to whatever aperture you selected on the ring (the same aperture you will use for exposure). As it does this, it takes a light reading for the exposure. It then sets a shutter speed based on this light reading and the ISO set.
Normally the meter calculates a shutter speed (in Av mode with an "A" lens) related to the aperture set, the light coming in (while the lens is wide open), and the ISO. By knowing what aperture you want, it can determine how many stops from wide open you want and calculate the appropriate shutter speed (ie you are using the FA 50mm f/1.4 it measures light coming in at f/1.4, but you want the shot to use f/2.8, it knows that there will be four times less light during the exposure)
But when the aperture ring is NOT set on A, it does not know (1)What the wide open aperture is and (2)What aperture you set on the ring. The meter can ONLY measure the light during the stopping down of the lens.
Just wanted to clarify this point.
Originally posted by MPrince However, in M mode, the aperture setting can be read by the camera.
Try this--set your aperture ring wide open, half-press the shutter button, then press the AE-L button. The shutter speed will be set.
Take a picture.
Now, stop down the lens to, say, f8, half-press the shutter button, then press the AE-L button. The shutter speed will change by the corresponding number of stops.
Take a picture.
You should see the difference in DOF. This tells me the camera is reading the aperture correctly when in M mode.
See page 188 of the K100D manual.