I thought I would illustrate the above effect with an old and troublesome sunflower image:
Working space sRGB:
In this review image the exposure warnings are on, 1 for low and 254 for high. The blue areas are 1 or 0, mostly 0 meaning (to me) out-of-sRGB-gamut because they are 100% saturated.
Opened in ProPhoto working space:
In this review image, the warnings are still on but observe the color-picker numbers - no over-saturation there.
I could even crank up the saturation a bit to make the flower look even prettier without setting off any warnings. A few of us, including George I think, would say "you shouldn't do that!". And they would be right - I'm not even going to bother to do it. The result, when 'converted for the web' will be
horrible, complete with faux colors everywhere.
And so, for viewing on my sRGB monitor and for posting on the web, I will continue to edit with my converter set to sRGB working space.