mgb_phys said:
It compares the relative speed of light in the two arms - very accurately!
Frequency is a function of wavelength and speed. MMX measures frequency.
To decide that speed has been detemined, one would have to know the absolute motion of an inertial frame to eliminate the wavelength compression as a determining factor.
Modern Physics/Michelson-Morley Experiment
Walter Ritz's emitter theory (or ballistic theory), was also consistent with the results of the experiment
http://en.wikibooks.org/wiki/Modern_Physics:Michelson-Morley_Experiment
This rules out any conceptually coherent ballistic theory of light propagation, according to which the speed of light is the vector sum of the velocity of the source plus a vector of magnitude c.
Ironically, the original Michelson-Morley experiment was consistent with the ballistic theory, but inconsistent with the naïve ether theory, whereas the Sagnac effect is consistent with the naïve ether theory but inconsistent with the ballistic theory. Of course, both results are consistent with fully relativistic theories of Lorentz and Einstein, since according to both theories light is propagated at a speed independent of the state of motion of the source.
http://www.mathpages.com/rr/s2-07/2-07.htm
Walter Ritz's emitter theory (or ballistic theory), was also consistent with the results of the experiment, not requiring aether. The theory postulates that light has always the same velocity in respect to the source.[6] However it also led to several "obvious" optical effects that were not seen in astronomical photographs, notably in observations of binary stars in which the light from the two stars could be measured in an interferometer. If this was correct, the light from the stars should cause fringe shifting due to the velocity of the stars being added to the speed of the light, but again, no such effect could be seen.
http://en.wikipedia.org/wiki/Michelson-Morley_experiment
Here is the bottom line, MMX does not prove a constant speed of light.
That is why in the early 60's, some folks began to try to eliminate Ritz's theory with experiments from moving light sources since MMX could not do that.
http://math.ucr.edu/home/baez/physics/Relativity/SR/experiments.html#moving-source_tests