Frank,
Actually theory says that perfect camera calibration is impossible. Problem is there are 3 color filters in a Bayer sensor, and they usually do not coincide with the cone sensitivity curves in the human eye, nor with a linear combination thereof. Thus mathematics alone indicate that such a bionic 3 sensor eye will be subject to metamerism effects when compared to a human eye - Bionic Woman will be disadvantaged compared to Human Woman. Of course, when cameras and bionic eyes become multispectral, with more channels, humans will lose their advantage here
In practice, calibration will help as long as you don't expect perfection, have easy subject matter with low IR reflecttivity (!) and are male and cannot see color well. I have found that only the best portrait and fashion photographers usually have good color perception - most photographers are happy with whatever their system gives them. Clients, be it in fashion (women) or in art reproduction (professional painters) may see the results very differently from the photographer and tend to be very vocal about it.
Calibration ends to work best on digital back sensors because these are engineered for color accuracy at the expense of sensitivity -more orthogonal filters, lower ISO- while14 bit data has also helped, historically.
BTW Frank, I helped Xrite design their new calibration target for Raw - I helped them with the photo aspects, not the color technology, there. I hope you like it.
E
Problem with theoretical BS (sorry for the expression) is that it's theorie.
YES in theorie a well calibrated digital camera will give you similair results.
But in practice it simply is not.
I don't mean this to attack some posters, it's my personal experience and would like to also be read as that without flames.