I think you misunderstood me. I meant there is no need to change to another color space, I just keep the RAW with the color space attached to it instead of saving it as a TIFF/PSD. This way you will also not get to the question of whether to convert the color space to ProPhotoRGB when you have it captured in AdobeRGB in the RAW file. I just leave it as is and only convert when needed for a specific output.
RAW files are all in their own color space unique to the camera that captured them. No RAW file is Adobe RGB or ProPhoto, the color space is unique to the sensor and ISO setting. Part of the RAW conversion process is converting the Bayer-interpolated RGB data from the camera-specific color space to a standard editing space like ProPhoto, using some kind of camera profile to control the start of the conversion. ACR uses adjustable (via the calibration tab) internal camera profiles, Capture One and other RAW converters use fixed ICC camera profiles.
RAWs can be tagged with a recommendation to use a particular destination editing space, but you are completely free to ignore the tag's recommendation and convert to whatever space you choose.
I archive all RAWs (minus severely over/underexposed. out-of-focus, etc. which I delete) and save processed images (<10% of all images, client selects and otherwise "keepers") as Photoshop PSD, in ProPhoto. I have close to 2TB of stuff right now.