Edit: Actually, maybe "Auto ISO" is a better name than "ISO Priority". 
A while back, before ordering my recently received Canon 1D MkIII... I was wishing for a feature. In my mind, I called it "ISO Priority". The concept being that given a chosen aperture, I wanted the camera to auto-select ISO to give me a "suitable" shutter-speed.
What is a suitable shutter speed? It's one where I am confident that i could handhold the shot... so for me, right now it's around 1/60th... maybe 1/30th with one of my IS lenses assuming a non-moving subject.
When I first played with the MkIII, I saw the "ISO Safety Shift" C.Fn I-8. This didn't really do what I wanted because it would only shift the ISO after it decided it couldn't get proper exposure at 30 seconds... kind of worthless. But driving home today from work, I remembered that there was a setting in the custom functions that at the time, I didn't understand why anyone would need to set it differently from default. That setting is C.FN I-12 or Set Shutter Speed Range.
I set the lowest speed shutter to 1/60th... meaning the camera will now not attempt to shoot at anything with a shutter speed of 1/60th or slower.
So now, with C.Fn I-8 and C.Fn I-12 set, I've created "ISO Priority". When shooting handheld in varying light conditions like an indoor/outdoor house party or somewhere with a lot of sun and a lot of shade... all I need to do is set the camera to aperture priority mode (because I like to control DOF) and I can rest assured (especially with the MkIIIs exceptional handling of noise) that I will get the "best possible shot" within the bounds of my set aperture, a maximum shutter speed of 1/60 and the lowest ISO possible to properly expose the shot because while I have the camera set to ISO 100, it will push anywhere from 100 to 3200 as needed for proper exposure.
For example, at a birthday party, I'm shooting out by the pool using my 70-200 f/2.8L IS and it's very sunny. I put the camera Aperture Priority set to f/5.6, ISO 100 and it selects 1/1000. I then head into the house and it's darker, using the same settings, I'm able to shoot a picture inside, handheld at 1/60th shutter speed, but "ISO Priority" has bumped me to ISO 800 automatically. Without the combination of C.Fn I-12 with C.Fn I-8, the camera would have wanted an unacceptable shutter speed for handholding. And if I was to use "P" mode without these custom functions set, it would have changed the aperture to wide open and then progressed to slow down the shutter to beyond my handholding capabilities unless I manually bumped the ISO myself.
And while I don't shoot in Shutter Priority very often (maybe at a motorsport track event in order to get decent motion blur), I could do the same thing by selecting the shutter speed I want, using C.Fn I-13 to limit the range of available apertures (probably 5.6 to 11 for motorsports) and then once again using C.Fn I-8 for "ISO Priority" to ensure that I get the lowest noise possible within the range of parameters specified.
I'm a n00b to the world of the 1D camera, so maybe other cameras have these C.Fn features, but to me, this is just awesome and my new camera has this "semi-auto" feature that allows me to select aperture via Av, but automatically selects ISO between ISO 100 - 3200 to get me the shot I want knowing I can't handhold anything slower than 1/60th.


