This is here is a term which is used to describe a range. Common usage being, a certain camera provides more/less latitude than another one. The range in question is the exposure range, over which one can produce acceptable results.
The above photo is “As shot” +2 exposure value, while the one below is -1.
So, one can say that the latitude from -1 to +2 for the camera. The definition is subjective and shall vary from person to person and on their opinion on what acceptable means to them.
Latitude is not the same as Dynamic Range. DR is the range in which, either in highlights or in shadows, details can be obtained before they white or black out, respectively. They are instead related in the manner that, a sensor with a higher dynamic range shall produce photos which have a wider latitude. I had covered basics of High Dynamic Range photos earlier, here!
Last time, L was for Lens Distortion.
Go ahead and produce some amazing photos, and let us all know about it.