Colin - you oversimply things delightfully. First of all, the camera software is not "free", it comes as part of the camera kit, so you are paying for it. Second of all, I highly suspect that the lens profiles (at least for the lenses that communicate with the camera) are in the software / firmware. I come to that conclusion in how the 5D Mk III handles the colour fringe correction. If you have a modern lens that the camera can read, the fringes are reduced, if not, you have to manually enter the profile into the lens to get that functionality.
Unfortunately, Canon, Nikon, Adobe, etc. do not share their "secret sauce" with members of the photographic community, so we can only speculate what they have done in the background. Personally, I ususally use ACR because it is usually "good enough" for what I do and more convenient from a workflow content.
But, as I have stated before a commercial photographer showed me some of the issues he was having with ACR and (being a Nikon shooter) demonstrated how Capture NX2 gave him much more accurate results. Ray is one of the most experienced photographers I know and spent a number of years as head of photography for Lee Valley Tools, whose iconic catalogues, have become collector's items because of the beautiful photography.
http://www.leevalley.com/en/home/OnlineCatalogs.aspx
http://www.photographyottawa.com/Lee...ey%20Tools.htm
Ray has a very specific workflow of getting images into Photoshop, that I have documented elsewhere in this thread.
All I am saying is that not everyone would agree with your assessment of these tools. Again, you are right, that the standard profiles that the camera / firmware / software produce do have their limitations. I would also argue that your approach has limitations as well; two data points provide you with a linear interpolation in a non-linear environment.
Let me sum up by saying I have seen the work of two different photographers (you and Ray) who have taken a totally different approach in how they import RAW images into Photoshop. Both seem to be convinced that their workflow is best, and have the images to prove it...