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Makes complete sense.
The same holds true with the video image when brightness and contrast are adjusted, the perceived color level changes.
However, in the middle of the day, with plenty of light, I still think Kodachrome can "handle" latituded similar to many video cameras.
I just viewed a mini-dv tape that was shot in the middle of the day. There was a white statue of liberty (about the size of a person) in the middle of a sea of flowers and greenery.
The White statue was severly blown out, and yet the greens in the background almost looked underexposed.
I am certain Kodachrome would have done equal or better in the same daytime conditions.
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As I understand it, contrast is the ability, or inability of film to "see" detail in the dark, or shadow areas of an image. I believe a high contrast image shows less detail in shadowed, or dark areas, and low (or reduced) contrast reveals more detail. When I slightly underexpose Kodachrome, there appears to be less detail in the darker areas, but also causes colors to be rendered more vividly.
(Does this make any sense???)