I can't help but be completely confused by this thread, and by the general frequency with which people on this forum multiply the maximum aperture of a lens by a 1.6x crop factor when it's used on a small sensor body. For instance saying the 17-55mm f/2.8 IS is effectively a 27-88mm f/4.5.
My confusion is this. Say I go outside on a sunny day, with an incident light meter, and get an exposure reading of ISO100 at 1/3200 second at f/2.8 And let's say I'm shooting with the three different bodies: an EOS 1V film camera, an EOS 5D mark II, and an EOS 50D. I'll say I'm using the 16-35mm f/2.8 L on the full frame bodies, and the 17-55mm f/2.8 IS on the 50D.
My best guess is that if I shoot a photo with each camera, lens wide open, at 1/3200 second shutter speed and ISO 100, all three would produce a correct (and identical) exposure on all three cameras, despite the variation in field of view, and depth-of-field. Thus, I would say for the purpose of exposure the lens is an f/2.8 lens regardless of film or sensor size.
So, what am I missing? Is the aperture adjustment only for depth-of-field calculations?