I received this email question from Mike, a student in my last Lightroom class: "Would it be better to use the Adobe color setting on the camera vs. the SRGB setting if everything is processed thru Lightroom?
Mike"
My reply:
From what I have read, most of the top-notch pros use the ProPhoto setting although my Canon cameras don't have it available as an option.
I think the most important thing is to have the camera and all software settings the same. Every time you change the color space you may lose some information.
The problem I've had with Lightroom and less with Photoshop is that my prints tend to run darker than my monitor shows them. I do have a calibrated monitor so I'm reasonable sure that it is correct. I have to do some test prints, usually in 4x6 before I attempt to print any large prints.
In experimenting to address this issue, I tried all of the color space settings and nothing helped. I have read books by different experts, particularly Scott Kelby, who I feel may be the best writer on the LR and PS topics. His advice is to set the print settings in the software and in the printer dialog box to call for the Application Managing the color. I never had success with this. I experimneted with every option and combination I could find and now I use the Printer Manages Color setting and have good luck with it. For information, I have an HPb 9180e model printer. Other models or brands may require different settings.
Bottom line, I think Adobe products are adept at handling each Color Space option. Just be aware of the differences in color ranges between the options.
Thanks for the question, I hope this helps.