Great post Samuel, and great link. Will look at that presentation in detail (haven't had time yet), it seems to answer lots of questions I have.
The efficiency of pure matrix profiles are indeed an interesting subject. Maybe with "perfect" XYZ coordinates of the RGB primaries color can be very accurate, although the quick look at the presentation seems to suggest that is not the case. One thing is for sure that a camera is more linear than both printers and screens, as linear as it gets, but the color filter responses are not ideal for color matching.
How accurately will a greg macbeth 24 patch profile place the RGB primaries compared to a CFA method is one question. I noted that the camSpecs product had three methods to calculate the RGB primaries from the CFA response, if we're lucky those methods are documented in the literature somewhere so one can test, seems to be a few leads in the presentation. I don't need to get a monochromator for experiments as there's public Nikon D5100 data available for example, and imaging resource has shots of both the 24 patch colorchecker and the larger SG.
You can make basic subjective adjustments with a matrix profile too, like increasing saturation and I *think* Adobe typically does that, ie their matrices are not designed for maximum accuracy but to provide a good basis for that saturated "Adobe Standard" look.
Pure matrix profiles are often favored by "photo hackers" as they have perfect smoothness and perfect linearity (great for HDR merging for example), but if they can actually make reasonable accurate colors I don't know. I've got the sense that they're often quite off, but that may be due to the design method, ie for placement of RGB primaries due to test target limitations, or a subjective placement from a vendor to produce a "look". Possibly the only reason to use a LUT is to make subjective adjustments, but I do doubt it, my current guess is that even with a "perfect" matrix profile you would get improvements in accuracy by adding LUT adjustments.
Another frustrating thing in terms of the lack of profiling software is that there are no good profile evaluation tools, for example to make smoothness vs accuracy tradeoffs in a LUT profile, you have to test with real images and hope that you see, or use a tool like DcpTool and try to visualize how the listed hue/saturation adjustments will affect smoothness.
I think the lack of profiling software and general profiling experience among photographers have created a mythology around camera color. Many think the color is more strongly bound to the hardware than it actually is, and it can be the reason why some pay 4 times the price for an IQ250 rather than a 645z which has the same sensor, just because Capture One IQ250 profile color is subjectively better. I'm convinced that the CCD vs CMOS often debated in MFD forum is more about profiling than hardware differences. If there was proper tools for profile editing and available knowledge how to make great subjective profiles photographers could take some power back from the vendors...
It seems like camera profiling is the least developed aspect of photography color management.