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Before I go further, am I correct when I conclude Zone V is what my in-camera meter "averages" a scene?
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I believe you are correct for partial (9%) and center-weighted average meter modes.
I haven't found an answer for what the meter is looking for in evaluative; the Canon white paper on the XT didn't turn up anything conclusive. Hopefully someone with more knowledge can chime in as to whether Canon's evaluative metering factors in color information or not.