It helps to know that I've always viewed ISO as a digital camera replacement for film speed.. If you remember back in the day you'd buy different speed films that allowed you to shoot better in bright light, or low light etc.. So, I view the ISO adjustment like film speed.. In low light, you wanna UP the ISO, which allows you to use a smaller f/stop or faster shutter speed, in bright light, lower the ISO or your pics will overexposed..
There are more controls than this such as white balance and temperature and all that.. but the 3 main settings, imo, are f/stop. shutter speed, and ISO.. and they all work hand in hand. I only adjust ISO if I can't use the f/stop and/or shutter speed I want.. ISO allows me to, like I said, close the f/stop and use a faster shutter speed..
BUT.. high ISO can come with a price.. higher the ISO is, the more grainy your pics may look.. BUT, you can quite often take care of grain in photoshop, but you don't really want to shoot a pic that requires a lot of of post production help.. sometimes you can't avoid it, tho..
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