Well, yes - if the only choice would be sRGB, AdobeRGB or ProPhotoRGB I would definitley use ProPhoto.
But outside the world of ACR/Lightroom (with impressive 4 - in words: four - colour spaces for output) there are more options.
ECI-RGB for example (the preferred prepress working space in Europe) covers all the printers as well.
Camera profiles are much bigger colour spaces than sRGB and AdobeRGB (and ECI-RGB) as well and cover the colour space of any printer easily.
In addition: camera profiles are exactly of a size (gamut) so as to represent the captured colours but at the same time not bigger.
So the real problem you are talking about is the dated design of AdobeRGB.
Schewe: as to the new millenium - maybe the future is just here and I missed it. So please name me one of the modern devices in the world that captures (or prints) a high saturated blue with a Lab value L=0 and without saturation. In my understanding Lab 0/90/-128 is black (but as always in RGB or Lab you can set it as numerical values). I know that this not that much a problem in most of the cases if you know how to handle it (especially if you work in RGB).
But what is the upside of working with theoretical colours? And what is the upside of throwing away coding space none will ever use (not even in the next millenium)?
If you are fine with ProPhoto that's okay. I for myself prefer camera profiles. As I don't use ACR or Lightroom I have the choice.
I have a lot of images for press with Adobe RGB embedded as that was the workflow that suited the destination. Nothing against ECI RGB other than I don't really care for a 5000 K white point for RGB images.
I do not any longer save out images other than some B&W into AdobeRGB. I send out in Adobe RGB, and sometimes sRGB for magazine work as I doubt many are up to date, many not knowing what to do other than sRGB sadly.
Yet being at an art gallery the other day, the owner asked me what I thought of his poster of a large art work ( for which he sold the entire show the night of the opening for a very large amount of money), and I replied uh no there are a lot of colour shifts, and lack of potential compared to what could be done on a modern inkjet.
So you see there are many occasions where capturing and using the larger space is necessary to extract the potential of the originals fullest colour. Adobe RGB or ECI is still decent for press but why restrict input to a reduced space when the new devices will produce a larger part of the encoding space?
I do all my retouching now in ProPhoto, and export from LightRoom to whatever space I choose (unfortunately limited to RGB). The edits then in 16 bit are very useful for future use whatever output devices may exploit that extra colour. I don't think the boundaries of ProPhoto have much to do with image content or their proximity as long as they are in 16 bit. Before Joeseph Holmes created a wonderful space composing of all the colours in a film which was at the time ideal for all scanning and conservation of the total system colour, but with digital capture there have to be boundaries further out to maintain the potential.
If I didn't use LightRoom or ACR, I still would prefer to stay with ProPhoto whenever possible. Camera profiles for me can be useful for transmission , transformation of colour but I don't believe they make an ideal encoding space, nor an archiving space.