I found a dead Sweat Bee on my bench and was struck by the diffracted colors of its body. Took a raw shot with the GH1 and the Leica macro lens - the shot itself could be improved but those beautiful saturated colors came out well in RawTherapee:
Almost too well, I thought. So I opened the above sRGB JPEG image in a program called ColorThink where the gamut of an image can be compared with that of a color space. Sure enough, most of the blues were hard up against the boundary of the sRGB gamut, in other words those nice vibrant blues in the above image were gamut-clipped (not the same thing as blown highlights, BTW).
So I redeveloped the raw file, this time setting the working space to ProPhoto and the output to sRGB but with the perceptual rendering intent. In ColorThink, it was clear that most of the blues were now inside the sRGB boundary and a little more spread out. Here the two images are screen-captured side-by-side:
The differences are very subtle but I hope you can see that the right hand image has more gradation of color in it and is just a tiny bit less harsh. Perhaps most easily seen in the violets in its hairy back-end.