This discussion is way out of my league and have turned into a flamewar. It will surely be closed. Hopefully I can get some useful answers before its closed. I'm not here to discuss, but to listen. Its not often I have a chance of asking leading experts in color management like Andrew Rodney.
Background:
I have a small business where we have to do our proofing ourselves. We make our own marketing material and uses pictures both for print (aRGB) and internet (sRGB). Since our photography skills is limited to "point and click", we need others to take pictures for us. We have rented studio, photographer and model for this purpose last year. On occation, we have borrowed a Cannon 400D camera for taking pictures of our work in the field. Some pictures have been bought over the internet from various sites as well.
Since we are not taking the pictures ourselves, we are at the mercy of the photographer, and since we are a small business, errors can cost relatively much.
The print service offers fresh printer profiles and paper type, so we can do softproofing at least.
Still, its important to know what we are doing and why, and when I see people with this much knowledge unable to reach a middle ground, I get uncertain of my own understanding of this.
If anyone could point out my misunderstanding in this, I'd be greatful:
Raw:
My understanding is that this is the digital equivalent of a negative. It contains no colors until its "developed" or processed. Colors and colorspaces are assigned upon conversion and there are no colors or colorspaces before that, only raw data that can be translated into colors. Even the colors are not a an unchangable illuminant, since the color itself depends on the color space you assign to it.
Raw is not very standardized and can differ from camera to camera.
Colorspace:
In my work, I use the one defined by CIE. Its my understanding that its a theoretical (since impression of colors differ from eye to eye) mathematical expression of colors which are within the visible spectrum of the eyes.
Color spaces have clear borders defined by gamut inside CIE. The CIE borders represent visible colors for the eyes, though colors reach beyond that. If it doesn't have defined borders, its not a color space.
Since I work with different white points for print and internet, and also have different color spaces, raw should be my preferred choice. I can alter white point without loss of bit depth and color gamut. Especially since I need to softproof the images anyway. It gives me more flexibility to make the pictures as I want, since I have no skills in taking them myself.