Several of us have used M42 lenses in Av mode for thousands of photos. If the answers and suggestions above have not been satisfactory, please don't get huffy. If we have not encountered the same problem as you, please excuse us.
For me the basic mystery of your question comes down to: why does the camera stick to 1/125 shutter (and the other one to 1/90)? This does not happen with my K100D nor does it happen AFAIK with any other recent model. The most reasonable reason for such behavior: you have the pop up flash up, and the camera is working with flash sync.
The camera has no way of communicating electronically with the lens. With modern K mounts, yes, and it can take FL etc into consideration. But with M42, the camera cannot make any assumptions at all. It is as though you had a single-aperture lens, eg. a mirror, on. So you are right about that part - the light it sees is the light it assumes it will get at exposure time. No auto aperture.
Whether auto ASA or no, my camera will assign shutter speed and adjust ASA with whatever is programmed in. However, as I always need to dial in exposure comp, that defeats auto ASA, so I tend to set mine manually to 400 anyway.
Now, perhaps Pentax could trust the photographer's input for SR for focal length in its calculations. In fact that might be a good idea.
The thing about using M42 glass for most of us is that it gets us AWAY from most of the automated gizmos, it brings back a tiny bit of manually intensive photography, and some usage of brains. Most of us don't mind the lack of multi-segmented multi-line automated exposure - we prefer to understand when something is back-lit. So if I understand the OP correctly, wondering about these things has not occurred to most of us.
But I am mystified about the 'stuck' shutter speed. Please can you describe it better- it ALWAYS happens when you mount ANY M42, did I understand that correctly? Like I say above, the only thing I can come up with is flash sync speed.
OK, I read more carefully - you say the camera wants to stick to 1/125 when you are in Auto ISO. Only when it reaches the Auto ISO limits does it start to move the shutter speed. That is interesting, and could even be useful. For my set up (which I don't even have any longer as my daughter took the K100D) as I said, I always have to dial in exposure comp, which would default auto ISO to 200 due to another Pentax boner. So I usually do not shoot in auto ISO, and thus have not experienced this.
Last edited by Nesster; 11-28-2009 at 03:00 PM.