I used the in-camera ISO settings.
I haven't noticed it until now, but reyalp you are absolutely right. The last stop of this camera is not hardware.
I put the camera in manual mode and set a correct exposure with the aperture/shutter speed with ISO 800 selected, then took a picture. Then I took another picture at ISO 1600 with no other changes. Both the ISO 800 and ISO 1600 RAWs were identical. The ISO 1600 jpeg was brighter (brightening done automatically in camera software).
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I could have sworn that I had ISO 50 working on this camera at one time, but recently I tried the ISO override again and it is no different from ISO 80.
My method for testing ISO 50:
Take an ISO 80 image (no override)
Take a second image with ISO override set to 50
Comparing the two today gives the exact same image. But I swear that I tried it months ago with another CHDK firmware and that the ISO 50 override image was darker (= ISO override worked).
If someone has a firmware version where ISO 50 works (gives a darker image than the non-override setting "80") then please upload it somewhere and give us link... thanks