mgb_phys said:
The speed of light doesn't change - only it's direction changes.
I disagree - that's not helpful at best, and in general I think it's probably wrong.
The problem is one of choice of coordinate systems. The speed of light is indeed always c to a local observer, but the viewpoint of a local observer is not very useful in this case, as it cannot be extended consistently to cover more than a very small region in the vicinity of a large mass, and it certainly cannot be extended to cover such concepts as orbits, because on that scale space-time is curved.
In order to describe what is happening around a central mass, one has to choose a coordinate system that can cover the region of interest. This is like choosing how to map a curved surface on to paper. Obviously, the choice of mapping method does not affect the thing that is being mapped, but it does mean there are alternative ways of describing it.
The most practical coordinate system for most astronomical purposes involving central dominant masses, for example in the solar system, is the isotropic coordinate system, where the scale factor mapping between local lengths and coordinate lengths is the same in all directions, but varies with potential. In this system, the speed of light relative to the coordinate system is the same in all directions, and light gets slower as you approach the object. For small changes in potential, as in the solar system, the fractional decrease in the size of a local ruler relative to the coordinate space and the fractional decrease in the rate of a local clock relative to coordinate clocks are both approximately equal to the Newtonian potential energy per unit energy, typically -Gm/rc
2. This means that the speed of light relative to the coordinate system is decreased by both these fractions, so it decreases by twice the relative potential. For deeper gravitational potentials, as in the vicinity of a black hole, it is necessary to use a more complicated expression for the speed of light, but it continues to get slower as you approach the central object. This is as if space is "thicker" the closer you get to the central object.
For calculations in the vicinity of a black hole, it is mathematically simpler to use the Schwarzschild coordinate system. In this system, the radial coordinate is defined in a simple way, but this means that the scale factor for radial distances is not the same as that for tangential distance, so the speed of light relative to the coordinate system is different in radial and tangential directions and just talking about the "speed of light" without specifying the direction isn't very meaningful. However, the speed of light relative to the coordinate system, in any direction, still gets slower as you get closer to the central object.
The "thickness" of space in this sense can be used like a refractive index to calculate the curvature with respect to space of a light beam and hence its acceleration, but for the full picture you also need to take into account the curvature of space-time with respect to time, which is normally around the same strength as the curvature with respect to space and which accounts for the gravitational acceleration of objects at rest or with non-relativistic velocities. For objects moving at or near the speed of light (including light itself), the resulting acceleration (at least for weak fields, as in the solar system) is exactly twice that predicted by Newtonian theory.