The exposure latitude depends largely on the contrast of the subject.
If the subject contrast is high, the exposure latitude disappears completely.
It can even go so far that a subject with high contrast cannot be fully reproduced on the film.
This means that either the highlights or the shadows suffer, or even both.
High or low contrast can be compensated for to a certain extent by adjusting the development (e.g. zone system).
Ultimately, the subject contrast determines the usable speed of a film.
Here’s some more information:
http://de.wikipedia.org/wiki/Belichtungsspielraum
http://www.elmar-baumann.de/fotografie/fotobuch/node17.html
I hope this answer helps a little.
Best regards,
Otto!