I'm not talking about the whether it shows 0 or +/- whatever on the meter. I'm talking about what exposure the camera chooses to use.If f-stop, shutter speed, or ISO is delegated to the camera for selection, it will choose settings producing an image in which the area being metered will have a middle grey lightness. Unless the camera is prevented for some reason from using the setting its algorithm has chosen, the meter will always read, 0. The delegated setting(s) will change but the meter reading won't.Actually I think part of why I posted is that even though it tends to underexpose on average, I still haven't been able to figure out a consistent pattern to understand how it's going to work.Consistent metering is a good thing. You can adapt & adjust to results that are predictable.The big factor for me here is that I have found the metering to fairly consistently be a lot darker than I think it should be. If we're just talking about the metering not being perfect I'd expect a relatively even tendency to both over and underexpose.
For instance, in a series of shots I took to experiment and to consider using for a post on the topic (but which I never wound up posting) I set up some situations where I had someone standing with a dark wall behind them on one side and a very bright window on the other and I would position the frame so it was the person and the wall, then the person and the window, only to have it meter exactly the same either way.
Fujifilm cameras don't even have a true lightness meter display when one of the three settings is delegated. The display shows the exposure compensation (EC) setting.
An in-camera lightness meter will often display something other than 0 when the camera is in full manual mode with the photographer choosing exposure settings and ISO. It's performerance that can be highly useful. For example when doing bird photography on a sunny morning, I'll often meter off a field of straw-huen grass. If the reading is +2/3 stop from on-meter, I know most birds will look good at those settings.
For example, consider the following two photos:


In this case, it behaves exactly as I'd expect: in manual mode with auto-ISO, the camera chose ISO 1000 for the first shot without the window in frame, but once the window is in frame and so the overall scene is brighter, it chooses ISO 720.
...but then consider this case:


The camera chooses ISO 4500 both when the bright window is taking up a substantial portion of the frame and when the somewhat darker molding with the extremely dark, black fireplace is taking up a similar portion of the frame. In fact, in the second shot the rest of the frame is brighter, too: there is more of the relatively brighter wall and less of the relatively darker chair.
Then we have the opposite extreme:


In this case the frame in the second photo is very clearly much, much brighter overall - it's really not close - yet it's the brighter frame that gets the higher ISO.
