I won't pretend to anyone that I have color management figured out, so i appreciate discussions like this that bit by bit, help to resolve my own confusion. Its a complex subject for sure.
I have an Epson R3000, 13", that I use to make small prints for selling in 2 local shops. Noone wants to be left with a bunch of unsold merchandise, so its forced me to pay more attention to colors than i would otherwise. Well i had this image of a factory's evening lights, reflected off seawater. On my laptop monitor, they clearly were yellow but my test prints came out with total red lights. Unfortunately the yellow lights would look much better in the scene. Some simple hue changes in LR were not sufficient to get me yellow lights so i tried different printer profiles available to me. None worked until i tried what was probably a monitor profile that was titled prophoto RGB. So when i tried that profile in my printer - presto, the test prints came out with yellow lights.
Doing all this chasing around, i came to the conclusion that one must know how their software is dealing with color management. Here for example is what LR says about how they treat it:
How Lightroom manages color
Quote: Lightroom primarily uses the Adobe RGB color space to display colors. The Adobe RGB gamut includes most of the colors that digital cameras can capture as well as some printable colors (cyans and blues, in particular) that can’t be defined using the smaller, web-friendly sRGB color space.
Lightroom uses Adobe RGB:
for previews in the Library, Map, Book, Slideshow, Print, and Web modules
when printing in Draft mode
in exported PDF slideshows and uploaded web galleries
when you send a book to Blurb.com (If you export books as PDF or JPEG from the Book module, however, you can choose sRGB or a different color profile.)
for photos uploaded to Facebook and other photo-sharing sites using the Publish Services panel
In the Develop module, by default Lightroom displays previews using the ProPhoto RGB color space.
ProPhoto RGB contains all of the colors that digital cameras can capture, making it an excellent choice for editing images. In the Develop module, you can also use the Soft Proofing panel to preview how color looks under various color-managed printing conditions.
So what it comes down to, LR does not give you an option, as far as i know, of what color spaces it works in, only when you export something or print to a device, does it give one the option of changing the color space.
My priority requirements are quite simple, when i see a yellow in the lights reflected off water, i want the print to also have a yellow color to it - not red :-) It was amazing to me that when i chose a printer profile that stated it was "prophoto", my monitor using LR data (which i learned was operating in prophoto RGB) actually agreed closely to my print. (And yes, i have color calibrated my laptop monitor, it was gratifying when i went to a professional printer recently for a larger print, his very expensive Dell monitor displayed my image in the same way my relatively cheap monitor did - calibration works :-))
My takeaway from this printing experience is that one cannot ignore how the pp software is programmed.
Bob, you statement that it doesn't matter if sRGB is used since the monitor is not a $1000 monitor, doesn't sound like the solution to me. I only paid $800 for this laptop, yet it does show me the difference between red and yellow lights.