We examine the use of surface brightness fluctuations (SBF) for both stellar population and distance studies. New V-band SBF data are reported for five Fornax cluster galaxies and combined with literature data to define a new V-band SBF distance indicator. We use new stellar population models, based on the latest Padua isochrones transformed empirically to the observational plane, to predict SBF magnitudes and integrated colours for a wide range of population ages and metallicities. We examine the sensitivity of the predictions to changes in the isochrones, transformations, and IMF. The new models reproduce the SBF data for globular clusters fairly well, especially if higher metallicity globulars are younger. The models also give a good match to the fluctuation colors of elliptical galaxies. In order to obtain theoretical calibrations of the SBF distance indicators, we combine our single-burst models into composite population models. These models reproduce the observed behavior of the SBF magnitudes as a function of stellar population parameters, including the steep colour dependence found for HST/WFPC2 F814W SBF data. Because the theoretical SBF calibrations are fairly sensitive to uncertain details of stellar evolution, the empirical calibrations are more secure. However, the sensitivity of SBF to these finer details potentially makes it a powerful constraint for stellar evolution and population synthesis. [abbridged]
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