A film has a different nominal speed when used with different developers. This means that a particular film has a different nominal speed in D76 than, for example, in Perceptol. If you expose a film at a speed that differs from the developer-specific nominal speed, this usually results in a loss of quality in the print. It is up to each individual to decide what level of quality loss is acceptable, and this will likely depend on the intended use and size of the planned images.
This means that when setting the exposure, you should already know which developer you intend to use. This has nothing to do with a loss of sensitivity. With a developer, you achieve the developer-specific nominal sensitivity; and that is all there is to it. There are probably no tricks involved.
The effects of under- or over-development in combination with under- or overexposure can be seen, for example, here:
http://www.fotokollegium.ch/Lektionen/Lektionen.html
Specifically, see Lesson 10. Unfortunately, the images are quite small, but they certainly give an initial impression of how it works.
What happens photochemically there is a matter in itself. There are a large number of different developing agents. And these are combined in commercially available developers and optimised with further substances. I think that borders a bit on alchemy.
Perhaps I’ve been of some help.
Best regards,
Otto Beyer!
PS: You can study the effect of different developers in various dilutions on the same film here:
http://www.inficad.com/~gstewart/filmtest.htm