It is easy to rely on the ratings marked on different tools, whether it is a power supply, scale, or speedometer. However calibration is essential for any part that is relied upon either professionally or for a hobby. [Jeremy] wanted to see if his Lomography camera shutter really was only open for 1/100ths of a second when set to that. In order to test his rig, he set up an LED on one side of the shutter, and a high speed phototransistor to gauge the time spent open, using an oscilloscope to measure the time the reference point was pulled low. In his case, when the camera was set to 1/100, the shutter was actually open for closer to 1/150th of a second (the mean was 1/148ths of a second, with a standard deviation of 417 uSecs). This difference can make a large difference in picture brightness.
Be sure to check his blog for more pictures of the setup, as well as some useful part references and circuit diagrams.