ISO rating of the stock—determines light sensitivity and grain structure. 50D for daylight, 200T for tungsten; higher ISO means coarser grain.
Film speed determines how quickly the negative material reacts to light—and thus, what aperture and shutter speed you need on set. A low ISO value (50D, 100) requires more light but rewards you with fine grain and maximum detail sharpness. A high value (500T, 800) captures light like a sponge but produces visible grain, which can be a curse or a deliberate look depending on the project.
In practice, you distinguish between daylight emulsions (D-films, usually 50D or 100D) and artificial light emulsions (T-films, mostly 200T, 500T). The T stands for Tungsten—these films are optimized for 3200K. If you shoot a daylight scene with 200T film, your image will be tinted orange without correction gels. Conversely, a 50D with artificial light will have a blue cast. This isn't a minor error; it will ruin your color correction. On set, film speed therefore also means: gel planning, lighting budget, and whether you need an HMI battery or can get by with available light.
Grain is a physical law, not a matter of taste. At 50D, it's barely visible under magnification—ideal for large cinema screens and aesthetic cleanness. At 500T or even higher, grain becomes a textural characteristic. Some DPs use this deliberately: Tony Scott shot action sequences with high-speed material to create a raw, immediate atmosphere. Others would perceive this as a deficiency. Your choice of film speed is therefore also an aesthetic decision—or a pragmatic necessity if the budget doesn't allow for lighting equipment.
In the digital age, the line blurs: digital cameras have variable ISO values, but true film productions still work with physical emulsions. You can't simply increase the ISO on 50D—you have the film you have. This forces planning. Good lighting doesn't become optional; it becomes essential. And that's precisely why many cinematographers are still in love with film: because the limitations lead to creative choices.