ColorThink is like that toy screwdriver set which you got for $2 which actually lets you fix just about all the electronics in your house. The serious tools are in the workshop, but it's the toy set which actually gets all the small stuff done.
The bugs are the least problem with Colorshop; the real problem is it can do just about everything except create or edit a profile, but you can only learn to do all those crazy things by watching Steve Upton do a demo.
There are a few other specialised utilities which are well worth their price if you need them, among which Danny Pascale's Babelcolor and PatchTool.
Edmund