If you like your colors dumbed down, I guess that is fine. I can't imagine many people would aspire to that if they plan to print their work on an inkjet printer.
No, I don't like my colors dumbed down John. The point is that if you already have colors that are within a particular working space (say Adobe RGB for sake of argument), then printing them from Adobe RGB or converting them to ProPhoto RGB before printing will give the same results: the ProPhoto colors won't be more saturated (or less dumbed down).
If you convert the colors from Adobe RGB to sRGB you may or may not be dumbing down the colors: you will be if the image colors are not within the sRGB gamut, otherwise you won't.
So the critical thing is not the working space gamut, or the destination gamut, but the image gamut. As long as the colors that are in the particular image are fully contained in both the working space gamut and the destination gamut, all will be fine. It's when the working space and/or the destination space are smaller than the image gamut that the image colors will have to be shifted or clipped (either by the photographer, or by the CMM).
We can either work in a larger working space for all of our images, one that can contain all of the colors of all of our images, or we can pick the working space to be big enough to contain a particular image's gamut, and do this for each image. There are pros and cons to both of these options, but it is not true to say that one is inherently better than the other, providing that each is used with understanding and care.
What is certainly true is that if your image colors can not be contained in a smaller working space, and you convert them colorimetrically to a smaller working space , you WILL cause the out of gamut colors to be clipped. If you convert them using a perceptual mapping (which you can't do, directly, from working space to working space) then the colors will be shifted. That does not make the smaller working space inherently bad ... it just means that it is too small for this particular image.
Robert