Hi Terry-
To continue. I agree with you about gamut. However, the starting color space is relevant. Your Perceptual vs. Relative Colorimetric example is made (I am guessing) using Adobe RGB. Using the premise that you are starting with RAW files.
Instead of re-inventing the wheel, I'll just quote Uwe at
Outback Photo:
He also states starting with 16-bit ProPhoto space has a wider initial gamut and is more likened to paper spaces.
"Here we have a situation that we can utilize all the paper colors from ProPhoto RGB. Colors that are outside the paper gamut need to be mapped using a "perceptual" rendering intent. If the colors of your photo mostly are in the the range of the paper you can also use the "relative colorimetric" rendering intent."
The full article is
http://www.outbackphoto.com/color_management/cm_06/essay.html.
Also, check this:
http://www.luminous-landscape.com/tutorials/prophoto-rgb.shtml. The same issue.
The problem (?!?!) begins after the camera. The newer stuff (Nikon, Canon, etc.) have a larger space than Adobe RGB. (The only camera options for JPGs are Adobe or sRGB though, since they are 8-bit to begin with.)
Since I drag RAW files into ACR, then work them in PS, I watch the out-of-gamut warning on colors that are critical.