I'm not a colour scientist and maybe missing all the fine nuances and technical detalis, but for me this whole issue can be reduced to the following questions:
Is 'colorimetrically accurate' or 'objective (read unadjusted for psycho-visual adaptation)' colour representation of the scene important for your work?
Do you have full control over both the scene lighting conditions AND the display conditions of the final photo product?
If the answer to both these questions is yes then input ICC profiles might offer a solution, provided the ICC profile is correct and accurate. This will depend on profiling under the exact same light as for the scene and profiling in a correct way.
If the answer to either of these questions is no, or profiling cannot be accurately performed for whatever reason, I think that input ICC profiles is a waste of time.
It's all too easy to say that if you're colour managed then be so all the way, but I'm of the opinion that colour managing the camera input does not really address the same problem as screen and output profiling is.
As for my particular needs, the notion of having a separate profile for my 'shade-under-the-big-green-tree-in-my-garden' lighting conditions and for my 'direct-sunlight-at-12am-in-June-near-my-ochra-painted-wall' lighting conditions sounds absolutely ludicrous.
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you are absolutely right.....color is extremely subjective and with different display mediums it is downright ridiculous to talk about the correct color....because even if you match it to a swatch, everybody still sees it differently!
i have seen art directors match my pics (the dresses in the photos) with pantone swatches..they have never asked me for anything like that at the shoot.....
there is no way to calibrate film, and the final presentation is up to the printer so they would do the swatches.....
for fine art the most important thing is how the artist sees the color...everything else does not matter......
what i like about IP were the different profiles for different lightconditions.....
btw: i treid to download the IP demo last night....i really know my way around the software, but hte install did not work, when it finally did, it could not find the printer, then it could not activate the printer.....all this just for the demo, not even dealing with the usb plug......i really wanted to see the difference to my custom profiles on FAP on my 4800....i guess i will give it a try again sometime and see...