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    • Absolutely correct. To elaborate, both sRGB and Adobe RGB 8 bit files have exactly the same amount of color data. It's the "distribution" of the data that is different between those two file formats.

      If you work in any of the programs which allow lossless editing from RAW files, and if you save the intermediate work in a format which preserves the original image data, you can still make any changes you want in a later post-production editing session.

      If you just save the original RAW file for the image (don't discard the camera's original RAW file after an edit session), you might have to start over, but at least you have the original goods.

      If you work with an editor like Lightroom or Phase One - Capture One Pro (my favorite), then just save the session in the application's native file format. Those applications don't affect the original RAW file in any way when you save the session; you are just saving the "directions" for working the image data. You can change the working color space at any time to sRGB, A-RGB or CYMK color spaces, for instance, and then output an 8-bit file (or 16-bit file) as needed for your use.

    • Lightroom internally uses a variation of ProPhoto RGB in the development module. Soft proofing can be used to switch between ProPhoto RGB and the target color space if you want better control over your exported results.