Originally posted by kiwi_jono Great answers but just one more point to add if you use MANUAL mode:
* AE-L will lock the current exposure amount (i.e. assumes the current settings will result in the exposure you want)
* Now if you change say the aperture the camera will automatically change the shutter speed to achieve the same exposure. Likewise with shutter speed (will automatically change aperture).
This is very handy when working in manual mode as you can make changes while keeping the exposure you are already happy with.
As described here is a feature of the exclusive Pentax Hyper System. In the Manual mode, using the green button to instantly achieve a meter-centered exposure reading, instead of twirling the thumb and finger dials to get the meter's center reading. This is an amazingly fast, efficient way to take spot meter-readings around a scene. Then you can proceed to use the AE-L button as above, if you want to change the aperture or shutter speed to a different value, while preserving your meter-centered exposure! This is the Pentax Hyper-Manual operational design.
Of course the AE-L feature also works in other exposure modes, including Program. it can be quite handy, even in Program mode, even using matrix metering, when using a zoom lens. You can zoom in on a particular subject in a scene, especially in tricky lighting situations, and hit the AE-L button to bias the exposure for than particular area of the scene, then zoom back to recompose, and take your shot.
Getting back to the Pentax Hyper System itself, and getting away from the topic of the AE-L button, perhaps you've not been aware of this, the fastest, most efficient operational design among all brands of DSLR. In Program mode, for instance, if you wish a different aperture or shutter speed than the camera has chosen, you can just use your thumb or finger dial to simply change it to what you wish- simple as that! The first click freezes the value as is, subsequent clicks change the value. You have instantly switched to Av or Tv operation without having to go to the mode dial first and then make your choice. You can even go back and forth- Av-Tv! The camera will remain in this operational mode, lighting permitting, until you either shut the camera off, or to return to full Program with a touch of the green button. This is the Pentax Hyper-Program operational design. Simple, efficient, and ingenious. If you want to operate in Av or Tv mode when periodically turning the camera off and on, then of course, use the mode dial.