Hmm, I guess if I ask a purely technical question, I should expect a purely technical response... ;-) I think I understand now... allow me to paraphrase? Certain functions, such as per-channel changes in contrast, only have a linear response (not sure how else to say that...) in the colorspace in which the image was first conceived.
I guess I'm mostly concerned about finding the most efficient way of ensuring that my colors don't get hashed up any more than they need to in the conversion from scannerspace to standardspace. I remember thinking it was perfectly normal, not so many years ago, to manually correct for color casts introduced by an uncalibrated scanner! And now I see people newer to the game than I am posting their examples of how wonderful a new film is, and all I can think is "Trust me, it gets better."
The more I figure out color management, the more like wet printing this whole thing becomes. E.g. you put up a negative shot in daylight, put a piece of Kodak paper under it (RIP), dial in the recommended filter pack, and you're 95 percent there. Though, I never did actually had to roll my prints around in tubes while handling toxic chemicals, so... whatev. I do, however, remember getting dizzy from fumes, waiting for my prints to come out the other end of the processor. So, yay technology!