Actually, unless you know how to properly soft proof in Photoshop, you are leaving the dynamic range compression from the display which could be as high as 500-600/1 on LCDs to maybe 150-200/1 on a print pretty much to chance. Color management is designed to move the color gamuts of the image to the color gamut of the printer/paper profile. And that's pretty much it. Where the tone curve falls is up to you and only soft proofing can really show you that.
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I have to disagree to some extent with the esteemed biker. Printer profiles for a given paper do include a DMax, which describes the darkest black that the paper/printer combination can produce, and the CMS (color manage system) can take this into account.
For a good introduction to the degree of compression required for printing, I would recommend the excellent white paper by
[a href=\"http://wwwimages.adobe.com/www.adobe.com/products/photoshop/family/prophotographer/pdfs/pscs3_renderprint.pdf]Kark Lange[/url] posted on Adobe's web site. Another good reference is Adobe's white paper on black point compensation (BPC):
AdobeBPC. This is an extension to ICC profiles that has been implemented by Adobe to further improve reproduction of the dark tones in the print.
The OP might find the following thread helpful. The topic was about the blacks printing too dark on prints from Costco:
Prints Too DarkShown below is a graphic produced by Gamutvision, which demonstrates compression of the shadow values in the problematic print. The shadows are considerably lifted by the profile as shown by the black lines at the bottom of the graphic. These indicate lifting of the shadows from the values in the original image to those handed off to the printer. One can try both perceptual and relative colorimetric rendering to see which gives the best result in soft proofing. Glossy paper has a higher DMax than matte and can reproduce the shadows better.
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Of course, one should not expect an automated process to substitute for the artistic intent of the photographer and soft proofing is invaluable as Jeff indicates. For less advanced photographers, the profiling process does offer some help.
Bill