In the past I've tried to find documentation of how Hasselblad's Phocus color model works, which they call "Hasselblad Natural Color Solution". I did not then and have not now found any description of it. If anyone knows something about it, please tell me :-).
However, now when I got my own Hassy I've poked around a bit with Phocus, and I've found out the following;
Unlike Capture One they don't use ICC profiles for camera input (unless you roll your own for repro!), and they don't use Adobe's DCP either (of course). Instead they have their own camera profile format, an XML format which you can find in the "ColorMaps" directory. The XML files are not easy to interpret though, but I've figured out some basics. (Note that the files seems to be hardcoded in the binary, so the files in the ColorMaps directory are not used by Phocus, I don't really know why they are distributed with the software)
The idea of Phocus color is that you don't need to select an input profile, the color rendition should be good for any type of light condition. In Capture One and many other raw converters you select profiles based on light condition, and in Lightroom there's the dual illuminant DCP files (they use StdA and D65 illuminants). What is Hasselblad's approach?
When playing around with my H4D-50 doing some boring test shots I've noticed that the color is indeed good in both daylight and tungsten, despite using the same profile, which is supposed to be "impossible".
However, it turns out it's indeed a multi-illuminant system, they have Tungsten (~2950K), Low Tungsten (~2100K) and Flash (~5650K), plus "Flash-Daylight" (less sure of that name, anyway same temperature as flash but daylight version), that is no less than four illuminants. Each of those illuminants have their own color matrix. Then there are color correction tables for Tungsten and Flash (there's no separate tables for the Low-Tungsten or Flash-Daylight variants, too similar I guess), each in two versions, one for the "Standard" look and one for "Reproduction", ie one subjective with more punch, and one tuned for accuracy. There's also one "neutral vector" for tungsten and flash, probably a way to describe the whitepoint with RGB multipliers.
The profile is most likely related to the working color space, which is "Hasselblad RGB" and for more recent models there's a second version which I assume is for the newer (and larger) color space "Hasselblad L * RGB". Having to care about working color space is a trace of the long history, back in the integer days you would want to have as small color space as possible to retain precision but today when everything's floating point (I hope). (As you may know Lightroom/DNG/DCP always runs in the huge ProPhotoRGB color space). The old "Hasselblad RGB" colorspace is thus quite small, most likely clipping some camera colors even, while the new is large.
The color correction tables are in some form of CbCr chroma coordinate translations, I haven't really figured that out. However it seems to me like there's no luminance coordinate, that is there's only hue adjustments which will be the same regardless of brightness. With DCP and ICC you can adjust the hue in different directions as a function of luminance if you want to (not sure how useful that is though, but I know Adobe does it in their profiles).
They don't have a profile per camera model, rather per sensor as it's that what sets the color response. This means that the color of H3DII-50/H4D-50/CFV-50 should be exactly the same as they all use the Kodak KAF-50100 sensor, as well as between CFV-50c and H5D-50c which share the Sony CMOS. I haven't checked if they have tried to match the look between different sensors though, but I have heard that they match quite good.
As far as I understand Phocus will automatically select illuminant matrix and chroma correction LUT based on the white balance you set in Phocus, and blend between them for intermediate values, that is the same way dual illuminant DCP works in Lightroom. The difference from DCP is that Phocus profiles have more illuminants, and is more sophisticated in that aspect, but have a bit simpler LUT. On the other hand will the simpler LUT make sure that they're no nasty non-linearities which you can have in (bad) DCPs.
In all I'm quite impressed with the color model in Phocus, it's simple towards the user and advanced under the surface.
edit: it's called Hasselblad Natural Color Solution, not System :-)