Recently I have read about this term in a number of articles.
One guy goes so far as to say that astro-landscapes are best shot at relatively low ISO's (significantly under-exposed, as the shutter speed and aperture are capped by other factors), as the eventual noise will be effectively the same and Dynamic Range will be improved.
I did a little test, just two shots (one at ISO 800, the other at ISO8000, both 30-second exposures at f2.8 using a D750 and 15-30mm f2.8 Tamron. And while I can't seem to get the exposures matched perfectly, I can't really see much noise difference, although neither can I see much dynamic range difference.
However, after this I have been thinking about the implications: in theory, if you have an ISO-invariant camera, you need not be at all concerned about exposure, as long as you don't over-expose. In fact, you could even shoot everything in Manual mode, at your chosen shutter speed and aperture, and base ISO for maximum dynamic range, and just sort the exposure out afterwards.
The problem with this would be trying to figure out which photos are worth post-processing, as you would have to adjust exposure first...
In short, this flies in the face of all former training, and I would love to hear your views?