Result: good, moderate, decent
and with SR off: bad, bad, bad
Conclusions, even with my old trusty K10D a very decent result!
First the three SR images, followed by 3 without SR:
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Electronics, IT and photography blog focusing on Pentax equipment, AVR Micro-controllers and Open Source (mainly Linux and FreeBSD topics)
Contrast mode works, but not in the way I would expect, c.q. wish it to work. The flash with contrast-on emits less light, but contrast-on does not work for the on camera master. So one cannot have the on camera master act as fill.
Contrast mode implementation on the Metz and 540 are not completely similar. The 540 produces slightly different results (lower ratio for the off camera slave?) than the Metz as off camera slave.
When using 2 slaves the contrast-on option gives inconsistent results. If the Metz has contrast-on then the option has no effect. If the 540 has the option on then the Metz does not fire.
In a controlled environment one should use manual for really predictable results.
In a dynamic environment with a master flash on the camera one should move the slave flash away/towards the subject to change the master/slave ratio or play with exposure compensation on both flashes.
Both the Metz-58 as the Pentax 540 are really nice flashes. I think I prefer the Metz as on camera bounce flash with the option to use the second reflector as fill. The 540 is really good as off camera flash and even has an optical slave mode.
I also considered the Metz-48 and Pentax 360 flashes. They are good options as long as one is not interested in using multiple flashes. The drawback of the Metz-48 is that it cannot act as a master/controller on camera, otherwise it would be a great second flash for me. The main drawback for me of the Pentax 360 is not that it doesn't have the swivel head (I assume I could live with that), but that off camera the automatic power off option cannot be disabled. I use off camera flashes a lot with optical or radio triggers and having to turn the 360 manually on after a few minutes (and restoring all its settings) is no option for me.
See Mattdm's site: http://pttl.mattdm.org/
for more flash options and all kinds of details about the flashes.