I learned photography in the very early 1970s and, in manual mode, that ring had a direct connection to the aperture diaphragm providing a brilliant feedback on what happened when you turned the ring. The Spotmatic F was the first camera I used that featured full aperture metering but I didn't come into possession of one of those until a few years after I got into it.
Sometimes I wonder if people getting into the hobby now are less able to comprehend shutter speed and aperture like we did in the old days when it was obvious. Back in the day, once in a while you'd get to an event and your meter battery would be dead. No problem... you'd just use someone else's readings and carry on or you could fudge it with F11/125 for outdoor shots on a sunny day. That, of course, was with ASA100 film. If you were a bit low on light, you could push the processing a bit when you developed the materials in the darkroom you set up in your bathroom.
Everything was so directly connected back then, it was a beautiful way to learn the subtleties of the hobby.
I loved those days but I don't miss them. Our modern cameras with electronically controlled aperture, shutter, and ISO are a dream to work with. My K100D feels like a treat to use.
These days, we argue and ponder things that are so subtle, I wonder if we've forgotten how huge the leaps were back in the days of early developments. Even something that seems important like spot metering pales in comparison to the benefits gained by early advances like behind the lens metering. It seems to me, future improvements are going to be increasingly incremental and subtle. Any modern camera is nothing short of amazing.
My first camera was an Asahiflex rangefinder. I used a hand held light meter that was given to me by a family member because I couldn't have afforded to buy one back then. It sure feels great to be back in the Pentax family.
It's also feels great to not have brown stains on my fingernails from having my hands splashing through fixer.