I've been following this thread...as best I can
From something that started to explain color spaces to the un-initiated, it's become quite technical and even perceptual.
So I'd like to throw another wrench into the works:
I will assume that ProPhotoRGB is such a large color space, that it contains all the range of color that our digital capture devices are capable today.
So, by working in ProPhotoRGB, in a high enough bit depth, I'm basically maintaining all my captured image data. So far, so good.
But, I need to process my RAW data and map it into ProPhotoRGB. OK, but, I if I have the best display available, I must STILL edit, and make my decisions viewing the data in Adobe RGB (or something close). I'll leave final output to print, or whatever for later consideration.
But I have a question: Isn't it possible convert from RAW directly into Adobe RGB without throwing away any data? Simply by re-mapping all the values so that they fit into Adobe RGB? Yes, I understand that the colors will look dull, at first, on the display. But consider this:
Each color space contains the same number of addressable values. So, if I can fit the image into ProPhotoRGB, then I can fit the same image into Adobe RGB, or even, sRGB. Upon editing (manipulation of the values) I can choose which values to present in my final image, and which to throw away (clipped). And, if working in floating point bit depth, I suppose the clipped data can still be saved with the image file.
So my point really is. No matter what we do, we are really working in the color space of our display device. And no matter how we parse it, this will ALWAYS be our limitation. If someone has an sRGB (or near sRGB) display device, they will be editing in sRGB no matter what. And, "soft proofing", which is a good aid to preview prints, still can not show any values outside of the ability of the display to present them.
We have a tendency to think "bigger is always better". A 36mp camera is twice as good as an 18mp camera etc. But, what we are really doing here is saying "11 is one louder than 10". (Joke from the movie "this is spinal tap")