1) How do you all use this monitor to watch sRGB content i.e. editing sRGB photos in Photoshop, video editing, uploading the pictures to web and general browsing etc. How complicated is to switch between aRGB and sRGB modes? I read some where that one may have to calibrate the video card settings.
2) I was told the all the mac software are color managed and I don't need to worry. Is it true?
3) Is Nikon NX2 color managed software? Is there a list of color managed softwares?
4) What other compromise I may have to make?
1-2. Photoshop will handle the sRGB data just fine. As to other applications, depends on if they are color managed or not. Not all are. Safari which you'll have on your Mac will run fine (its ICC aware). While you can switch (kind of) between sRGB and the calibrated wide gamut, there will be no custom profile for sRGB so its kind of a waste since its not providing a calibrated and profiled preview. IF you have a non ICC aware application, it might be useful. I have a 2690 and 3090 and never do this.
3. I suspect it is (I don't use it). Nikon's idea of color management is kind of silly in some cases (like how they rename sRGB) but otherwise, should be fine with this display.
4. If you are working with very saturated images, none. If you work with very subtle colored images that fall within sRGB, it will be more difficult to see them due to the wide gamut display. The distance between subtle colors in sRGB is smaller than Adobe RGB (1998). Think of the sRGB as a balloon with 16.7 million dots on it, then think of the same balloon blown up 3X in size. The distance between each dot is greater. Same idea with an sRGB document of subtle colors being shown on a wide gamut display. Its nothing to lose sleep over, especially if you do work with capture and output devices that exceed sRGB (which are plenty). Ideally, the best solution is a dual display system where you have an sRGB and wide gamut display.