Drjim is close to the money. The prism is activated within a certain window where the normal operations "expects" it should be around. The prism when activated allows the firmware to look for the point where the reservoir can be positively identified as empty. When this point is reached, the firmware then writes back to the chip and the real tighter estimated countdown then begins. At the point where the reservoir is empty, may other variables are removed or has less weight on the countdown estimation thus providing more accuracy.
The prism is not active throughout the chip cycle only at a certain point. The window appears to be around 10-20% of the ink level when it expects it to be low. That this window is wide enough to accomodate all kinds of issues makes its operation pretty much transparent. However, forced experimentation can determine exactly where that is. So within 10-20% of when the reservoir should be empty, the prism reading is being sought in order to write back to the chip.