I have nothing against ProPhoto and do use it at times, if the image warrants it. However most of our images don't, with the colors falling naturally within smaller spaces like aRGB or even sRGB. It makes sense to use a very wide working space at the capture stage since our cameras are capable of capturing a wide gamut, and if you can only pick one working space (as is the case for Lightroom), then pick a wide one.
Our problem is not in the wideness of ProPhoto - it's that ProPhoto allows us to do edits that fall outside of both human vision and our current monitor gamuts. So unless we're careful when editing (for example by always turning on soft-proofing and checking both monitor and output device out-of-gamut while we are editing) we can quite easily end up with colors that look great on screen, but only look great because the mapping to the monitor is OK. That doesn't mean that the same (unviewable and unprintable) color will also print well ... that depends entirely on the output profile, and if you choose a perceptual mapping the chances are quite high that there will be a significant shift in all the colors on your print (might look fine, but it will be different to what is intended).
The advantage of using aRGB is that to the extent that the monitor is capable of doing so, it will show the colors as they are ... and aRGB will prevent us from going outside of the monitor gamut. We then only need to concern ourselves with the printer gamut.
If you're printing from Lightroom from the raw file then there is no option: you have to print from ProPhoto and so you need to be quite careful.
If you go into Photoshop first (as I always do) then there is a choice at the time of opening the image of choosing ProPhoto or aRGB. If the image is within aRGB at that stage then I doubt that there is any damage done to the image in choosing one over the other. So my recommendation would be aRGB at that point. If the image is NOT within aRGB, then the choice IMO is either to bring it back into aRGB-line, or open it in ProPhoto. The decision for me is based on whether the OOG colors are within my printer gamut or not: if they are then I will use ProPhoto, if they are not then I will bring the image back into line.
All of our editing is done using our monitor: that is the controlling device effectively. If we go outside of its gamut we are asking for trouble. We may well get away with it, but we may not ... it's a matter of chance. If we want to be safe (but a little more limited) then we would be wise to stay within the monitor gamut.
I don't personally worry about what will happen when a much wider gamut monitor or printer becomes available - because I always keep my raw files so I can always go back, if I feel that it might improve the image, and make the little tweaks that will get me that extra bit of sparkle that has become possible.
My last monitor had an sRGB gamut (more or less) and I processed my images in sRGB. When I go back and view them on my now aRGB (more of less) monitor, the vibrance of the image has so far never been an issue for me and I have not reprocessed any image for that reason. What I have done is to reprocess images because I now have better sharpening tools, my own skills have improved (I think
and I have better papers.
But anyway ... there are swings and roundabouts and as we said on another thread, what we are trying to do is to fit a round peg into a square hole ...
Robert