Last I heard color management was broken in the 3.5 betas, so are you guys saying it's working now?
There was apparently an issue with ICC v4 profiles looking too dark for some people (it seemed fine here) and then support for v4 profiles was removed, disabling colour management if you were using one as your display profile.
If you use a v2 ICC profile (from what I understand, v4 adds nothing for display profiles anyway) the colour management should work just fine. At least, I haven't had any problems with it so far.
I have seen a few people complaining about it because they're wondering why some images are suddenly looking different in 3.5 compared to 3.0 and want it back the way it was before. This is because in 3.0, the only option was on/off for colour management, with it being disabled by default, whereas 3.5 now has three options: full colour management, tagged images only (which is the default) or off. If you don't know about/understand colour management, I can see why it might be frustrating to have it on by default now. (especially as you probably have a generic monitor profile set up which is almost certainly wrong)
I'm glad to hear they've finally addressed this, it really bugged me in 3.0.
What was the problem in 3.0? I don't remember there being any issues with that. (I've been running the 3.5 alphas/betas for a long time now though)
That's a bummer, are they going to fix this?
No idea. The new colour management system is optimised for speed, but I don't know if that's the reason v4 profiles are no longer supported, or if it was because some people were reporting problems and they didn't have time to fix it before 3.5 was due for release.
It's not often that you lose features with a new version, so it will have been removed for a good reason.