The next step is to color calibrate your camera; Tom Fors has an excellent Photoshop script floating around that color calibrates ACR to your specific camera. Google ACR calibration script and you'll find it easily. You'll need a Color Checker for this; if you don't have one, buy one.
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I suppose you're not suggesting color managing the camera for all the different light conditions one may encounter? This is not practical for the general photographer (e.g. not the one who only shoots under controlled and consistent lighting conditions). Should I color manage my camera for shooting in my garden full of green foliage in a clear morning in June and re-manage for shooting next to my light ochra painted wall at midday when it's cloudy in December?
Even if I could do that, would I want to? Would I want the green cast thrown on the subject's face to be reproduced exactly? And exactly like what? Like my human eye saw it or as reported by a colorimeter?
Camera colour management is a whole different beast than colour managing your monitor or your printer, exactly because of the often uncontrollable lighting conditions and because of what you're judging against is the subjective interpretation of colour by the human brain.
BTW, you can calibrate ACR but you cannot color manage your input (i.e. use camera ICC profiles) which is what an end-to-end colour management would require as used in scientific photography. At least last time I looked you couldn't.
Matrix calibrating for the primary colors (not profiling and colour managing, there is a very real difference between these) the raw converter for your camera for average normal conditions has in my experience proven to offer only very limited (if any) benefit. In my experience I have found it is not worth the trouble especially when one considers how many factors can influence the quality of the calibration.
Additionaly, by calibrating to a nominal lighting condition one assumes linear sensor response to different wavelengths and 100% non-visible light filtering which I believe is far from true in many cases.
Modern cameras seem fairly consistently matched ex-factory anyhow so standard raw converter 'profiles' SHOULD work pretty decently. I find ACR and Lightroom one of the worst for Nikon cameras in this respect and maybe for people who use these raw converters, calibrating them might be a good proposition (with all the caveats about proper calibration and non-linear sensor response mentioned).
The main usefuleness I can see for the average photographer would be when 2 or more cameras would need to be closely matched for workflow efficiency.
I am bypassing these problems with Nikon by using Capture NX which seems to be able to represent my cameras very nicely. Of course anyone can experiment with calibrating their raw converter and see if it is worth the trouble in saving them color correcting keystrokes.
There's a good expert discussion about calibrating ACR here:
[a href=\"http://luminous-landscape.com/forum/index.php?showtopic=17064&st=0]http://luminous-landscape.com/forum/index....opic=17064&st=0[/url]
which poses more questions than gives answers.