My main source of income has been from colour correcting. Today its done in PS with the tools available.. When I teach PS and workflow to groups , sadly the area that most (not all) are weak in is in colour theory. This is one of my first tests for students to ask them to explain the colour wheel and its implications.
We were taught how to work complimentary colours against each other to benefit an image and it amazes me students do not even have this rudimentary knowledge, but are attempting to make a living from their colour work.
The dumbing down of colour has happened where there seems to be a lot more acceptance of so so colour / saturation and density balance.
But I don't think I would like to go back to the old days of VCNas , kodak shirleys and translators, I am happy with supplied files these days.
When I get hired to print colour images for others these days, the first question I ask , is Do they want to control the colour, or do they want me too. 5 years ago most wanted me to control, today its about 70 - 80% want to control their destiny with their prints and that too is ok with me .
RCP I cannot imagine what its like now to work where you do, in my past I worked at a large wedding lab where volumne was king ,and the colour correctors were highly valued.. you must have a great eye as the responsibility is mind numbing with the number of jobs that must go past you..
On a related note, but trying not to get too far off topic, I work as a color corrector at a high volume photo lab that processes school sports pictures from photographers from around the country and the worst color we get is from photographers who rely on auto white balance in their cameras. On the other hand those who white balance manually and properly, generally have very consistant, properly balanced color. With auto white balance, the color can go all over the place making images harder to color balance. When we used to color balance film images, the color balance, contrast and saturation was much more consistant from shot to shot since it is all built into the film. This, and the better lattitude of film, made images much easier to color balance and produce better images in my opinion.