abruzzi - statistical variation is what the photosensor supplier contends with; but the job of the meter manufacturer is to calibrate every unit to the a set standard afterwards, regardless of that variation. Hence "accuracy" and "precision" coincide. And that's what one should respect in any "reliable" meter.
My science degree was 54 years ago; but one of my first jobs was selling precision tools to not only ordinary machinists, but also to the big UC labs, including LBL. If you had a Starrett square head made in 1890, and it hadn't rusted, then a replacement blade made in 1970 was expected to fit it within 1/1000 of an inch, replete with a certificate from the Natl Bureau of Standards. Nobody went diving into a semantics debate over whether "accuracy" or "precision" was the correct description. And some of the machining was in reference to giant budget experiments resulting in Nobel prizes. A friend of mine was a staff statistician there; but the resident machinists and even scientific photographers had their own relevant trade terminology. I've worked with many manufacturing engineers, and they sure as heck didn't get worked up over common sense distinctions.
Chuck - It does matter that meters have some common denominator industry standard behind them. I've used six different meters over the past five decades (4 are still in parallel usage), and they all agree due to the fact all were initially calibrated to the same objective standard. Otherwise, you've got nothing firm to recalibrate them by if they
start to drift. Even personal E.I. is like a rubber band with no set boundaries.
In terms of those Zone labels, with each shade of gray allegedly corresponding to a single discrete interval of one stop, well, the flaw in that kind of model is that films differ in their dynamic range. Ole Triassic X Pan was kinda middle of the road, while some films have a shorter scale, and some a longer one. I shoot a lot of TMax, which allows distinctly more shadow value gradation than Tri-X. "Straight line" 200 films like Super XX and Bergger 200 allowed even more, while Pan-F has a quite restrictive range. So in theory, you'd need a different Zonie dial grayscale for each respective category, not to mention color film characteristics. Just leaving the dial alone and using it as is does it all at a glance; but to each his own.