Howard, thanks for pointing that out. I did overlook that fact. And yes, using preview with LR3 is then far better (cheaper) than printing & correcting a number of times.
Pete - I suggest you update some time soon. Either now to LR5 or wait for LR6. A number of things have changed / improved. Not only soft proofing. I don't regret the update one bit, though I don't use all the functions. Michael's & Jeff's tutorials have explained the processing and mentioned various improvements.