All you say is true IF you use Mode Change (which is a somewhat dangerous option in light of the Convert to Profile command). I try to instruct users to stay away from Mode Change and specifically pick the color space they wish in Convert to Profile. Then, the only real important role of the working space is for untagged documents (PS assumes that's the color space).
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Looks like all Photoshop books recommend the use of the "convert to profile" command, and actually don't even mention the "mode change".
