Yes, ProPhoto RGB is humongous, not only does it exceed any current output gamut capability, it is also revealing to know how little actual image data of the full output media's gamut is actually present in most images, except for the most saturated cases (like some flowers). That's why I often use the Beta RGB workingspace (http://www.brucelindbloom.com/index.html?BetaRGB.html) as a slightly more reasonable sized gamut colorspace. It's much less likely to cause quantization related issues, and still offers more color resolution than Adobe RGB does.
Cheers,
Bart
Not to get off topic, but will the Beta RGB workingspace open in Photoshop? Being unwilling to throw away information that can be seen in print (my information is that current inkjet exceeds the gamut of Adobe RGB 1998 for cyan-green midtones and yellow highlights) I have used ProPhoto in the past and have seen no banding issues. There is also the question of future-proofing current files for tomorrow's technology.
David