I'm not yet entirely sure of what toe/shoulder mean - really, what the implications of it are. You said: "The T-grain films tends to have less reciprocity failure. They also have less of a shoulder, which depending on your subject and the look you're aiming for may be either an advantage or a disadvantage." Does this mean they'd be less likely to blow out the highlights? Or phrased another way, they'd successfully recieve more exposure without blowing out the highlights, so that the shadows could recieve some detail?
It's kind of hard to explain without a picture, but I'll try. If you look at a film's characteristic curve (from the datasheet, for example), it kind of looks like an S. At very low exposures, the film doesn't respond at all to the light -- there's simply too few photons to trigger the chemical reactions necessary to record the image. Then, the response starts to increase. This region is called the "toe" and is where the curve starts to transition from a horizontal line (no response) to a diagonal line on the graph. In this region, the slope of the response is increasing, so the same increase in exposure at the start of the toe produces less density than at the end of it.
After about a stop or two worth of exposure, the slope stops increasing and the film's response once again becomes a straight line, though now it is a diagonal line going up and to the right. In this "straight line" region, the film responds roughly linearly to increased exposure: X units of exposure produce Y units of density both in the shadows and in the highlights. After a couple of stops, the response starts to become nonlinear again and the slope starts to decrease. This region is called the "shoulder" and like the toe, it has a nonlinear, but now decreasing response to exposure. Eventually, the response again becomes a horizontal line indicating that the film has reached its maximum possible density.
From an image making point of view, the key thing to remember about the toe and the shoulder is that tones are compressed when they lie in these regions. The advantage of this is highlights blow out and shadows block up gradually. While there may only be 1 stop or so worth of density in the toe/shoulder, it may use it to record 2-3 stops worth of exposure. Contrast this to something like a digital sensor, which has no shoulder: the sensor records full detail up to the clipping point, after which you get nothing but white. Film will gradually record less and less detail as it gets closer to its maximum density.
To make a long story short, the advantage of a broad shoulder is that highlights will blow out gradually. This can be useful at night, where you'll sometimes have light sources that are 8-10 stops above your middle gray exposure. The disadvantage is that there isn't much detail recorded in the shoulder, so if you wanted to burn in these highlights they'd probably look very flat.
T-grain films, generally speaking, have longer straight line regions. Where a conventional film might give you 8-10 stops of linear response, a T-grain film might go 10-12. This means you can get more detail in your highlights, but you'll have to work harder in the darkroom or in photoshop burning them in.
If you're using stand development and liking the results, you might not be too thrilled with the newer films. Stand development, and other compensation techniques, work by broadening the shoulder of the film.
I personally like the long straight line region of the modern films, but I am about doing about 90% of my printing digitally now, where it's very easy to dial in whatever highlight compensation I desire. In the darkroom, they often required a little more attention.
Another thing to watch out for with the T-grain films is that in some developers, the response curve actually increases in slope in the highlights, meaning that highlights are rendered with higher contrast than the mids and shadows. These negatives are a royal pain to print conventionally. I know the Tmax datasheets show this type of response in Tmax developer (which I've never used) but surprisingly, I saw exactly this effect with Acros in Rodinal 1:50, which is supposed to have a slight compensation effect. I don't see this with my current developer of choice, Xtol 1:1. I couldn't guess how they'll react to HC-110, but it probably depends heavily on the dilution you use.
About Acros, you said: "lets look at a 5m exposure on Acros, which would be about a 8m exposure on Tri-X or a 42m exposure on APX 100, FP4+, or similar slow conventional film." Are you serious? An 8 minute exposure on Tri-X is 42 minutes on APX 100? I didn't realize there was that huge a jump from conventional 400 to conventional 100 ISO (or did you mean TMX instead of tri-x?)
Yep, this would be why I quickly stopped using APX 100 at night, even though its probably my favorite film in every other respect. The rule of thumb I learned for reciprocity correction of conventional B&W films (and it's so far worked pretty well for me) is that 2s becomes 4s (2x), 4s becomes 12s (3x), 8s becomes 30s (4x), etc. So if the scene meters as 4m at EI 100, that's 1m at EI 400, which turns into 8m (8x) using the above rule. But if I'm using ISO 100 film, that's 4m x 10 or 40m (don't know where the 42m came from, probably a typo).
In reality, the rule of thumb does break down with really long exposures, but it gets you close. If you look at Ilford's datasheet for FP4+, the longest exposure in their reciprocity chart is 35s, which becomes 200s, a 5.7x increase (and close to the 6x that the rule of thumb would use here). Even if the slope of the reciprocity curve stayed constant (it doesn't, it increases) you're still talking about a 4m exposure turning into 23m. Reciprocity failure is ugly.
With exposures this long, any rule or chart is only going to get you in the ballpark exposure-wise, and the contrast is going to get really pumped up at that degree of reciprocity failure, so I'd probably do a series of brackets at 10m, 20m, 40m, and 60m, and hope I don't forget my gloves. That's why I love Acros: 4m turning into 5-6m is a lot more liveable, and I usually only have to bracket +/- 1 stop.
When you say that Acros has finer grain than the other films, is that a function of reciprocity failure, or simply the newer grain structure? As in, if I prefer daylight TXP grain over daylight Acros grain, would that be the same as night TXP grain and Acros grain?
It's strictly a function of the new grain structure. If you prefer TXP grain over Acros in general, it's not going to change much with long exposures. That said, I find Acros's grain more appealing than Tmax's, but it's no Tri-X.
-Jon