Exposure latitude is the extent to which the cameras sensor can be overexposed or underexposed and still achieve an acceptable result.
In the case of cinematography, the measurement of exposure latitude is, by definition dependent on both personal aesthetics and artistic intentions, somewhat subjective.
It is not to be confused with dynamic range, the range of light intensities a sensor can capture simultaneously. A sensor with greater dynamic range will be able to record more details in the dark and light areas of a picture. Latitude depends on dynamic range. If the same scene can be recorded using less than the full brightness range available to the sensor, the exposure can be shifted along the range without losing information in the shadows or highlights. Greater exposure latitude allows one to compensate for errors in exposure while retaining quality.
Professional critique of digital cine cameras often centers on the extent to which their dynamic range, and exposure latitude by extension, falls short of that of negative film.