We're using 2.7. What are the versioning implications?
The implications are that in 3.0, things change in terms of the color space (everything is Adobe RGB (1998)) for previews in modules other than Develop as far as I understand it. In 2.X, depending on the quality you set for previews, you might get ProPhoto. Doesn’t matter much unless you use draft printing in terms of what comes out of LR. Otherwise its just used for previewing the images to screen. The underlying raw processing in 2 and 3 fixed at ProPhoto RGB linear TRC (gamma 1.0). That’s what is used to get a rendered image out of LR.
I'm not sure what you mean about actual processing. I process to achieve a visual result so the process is what I perceive with my eyes on a color managed display.
One mechanism is for previewing your images in various modules. As I said, that is kind of changing and can depend on the preferences you set. It has zero effect on your output. Then there is the processing color space, again its fixed as ProPhoto 1.0 TRC.
If there is a difference between the displayed image among the various modules I'd like to know about it so I make sure I remove that variable from my editing and evaluation process. Since editing is done in the Develop module it seems as evaluating a print should be done in that module rather than the Print module. But the Print module is the one displaying the image during printing and would be the one used for evaluation if I didn't know that the Develop module is actually "truth."
The modules other than Develop use one kind of preview. They use the previews you build and live in the Irdata file that you’ll see grow as you add images or update a library for larger previews. Develop uses a cache found in the ACR cache which is akin to a raw file. For important decisions and the most exacting preview, you should be viewing images 1:1 in Develop. That’s where you’d make critical decisions anyway right?