Yes it will work in any mode when the aperture is fully open no
matter what setting you choose for the aperture. It will meter in
this fully open position as well.
Just to clarify, it works this way in P, Av, or Tv modes. M mode works as the other posts in this thread describe. Not sure about the "Picture" modes.
So, the short answer to the original question is yes, most definitely, it
does work the way you asked about. Many people don't seem to know about this, which is why some responds say "no, you have to use M mode", but as long as you realize that you are basically limited to using the lens wide open (regardless of the aperture ring setting), then you do in fact get aperture priority metering by default, allowing you to just "point and shoot" (well, if it's an M lens, you still have to focus).
Quite a limited use this way
though...
But it
does have its uses. In very low light photography, I basically don't want anything
but wide open, so I use this mode quite a bit. And the 50/1.7 is sharp enough for me when wide open - at least, any increase in sharpness I could get by stopping down is neutralized by the slower shutter speed. that results. Of course, I have a DS, so I can't take advantage of SR, but then again, in the kinds of light I'm talking about (eg, concerts / nightclubs), even with ISO 1600, we're often talking about shutter speeds that are already risking subject motion blur when shooting potentially moving subjects (eg, musicians, candids). So even if SR lets me stop down down and get a nicely exposed shot at 1/2 second, that's not much of an option, really.
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Marc Sabatella