I am just starting to get my head around my 5D III after a 60D. I have been to a few photography courses and have LR4.1 and PSE10. I shoot raw & L JPEG. My confusion is that some recommend sRGB however other people recommend Adobe RGB. The 5D III manual recommends sRGB but the LR books are divided. I only shoot for my own enjoyment at this stage but may join a club later when I get a little better. Any thoughts very much appreciated.
LR room basically uses ProphotoRGB internally (even larger than AdobeRGB). In ACR and PS, which are a bit different than LR, I set them to ProphotoRGB 16bits. If you ever get a wide gamut monitor, the sRGB files will have clipped away colors in some photos (mostly stuff like: fall foliage, sunsets, intense tropical waters, glow in the dark clothes colors, many flowers, anything with really deeply saturated reds, oranges, yellows, deep blues, purples, turquoise). I would save a prophotorgb output from LR for any files that could make use of it. If you want, you can also save an sRGB version for easy use with anything without any color-management issues.
FOr in cam jpgs, you are cooked in, so for stuff like fall foliage and sunsets and flowers I'd use AdobeRGB since if you shoot sRGB you'll never have a way to get the colors back (for RAW shots it doesn't matter what the camera is set to) although for shots without any dramatic saturated things I'd shoot sRGB since AdobeRGB would just waste bits and perhaps sRGB might make some tonal transitions a trace smoother.