If you are shooting portraits and don't need to maximize quality, then either method will give good results. It pretty much boils down to using the tool you are more familiar with. People get great results with external meters, and people get great results using in-camera metering/tools.
I think if we had a contest and allowed people to use their tools of choice, we wouldn't see a noticeable difference in speed and ease of workflow.
I agree mostly. But I can't see where going in to pp to change a gray bg to white or black on several photos is going to be less than or equal with regards to time as taking a couple of incident readings and adjusting lighting/moving the model accordingly.
There are lots of ways to create photos.
If the lighting isn't ideal, I may want to maximize the capture and adjust in Photoshop. If you're not used to doing this, it may sound like a lot of work. But to those who don't use incident light meters, they sound like a pain.
I might start by letting the in-camera meter select an exposure. I would take a photo and take a quick glance at the histogram and display. If the histogram looks right, and there are no blinkies, I am done. If it isn't right, I apply exposure compensation. Experience tells me how much. I take a second shot and and recheck. More often than not, the exposure is real close to maximizing collected data.
When processing the file in Photoshop, I might start by pressing the "auto" button. This will examine the collected data, and adjust the parameters to give a reasonable result. In some situations this is good enough. Generally I will tweak the values to get the artistic result I want.
I suspect that we spend similar amounts of time on tasks like this, even though we use vastly different methodologies.
Where I'm coming from mostly is that the notion that hand held light meters have been rendered obsolete is just not correct.
They aren't obsolete. However, modern technology has gotten us to the point where there are fewer and fewer situations where you absolutely need a hand held light meter.