The profile for your printer is certainly not sRGB (even if Epson mistakenly thinks it is!).
Color Sync's settings don't matter.
If you tell Photoshop to manage color, then you need to select the profile that matches your printer and paper type.
Thanks. It helps to confirm that Colorsync is not in the loop using Photoshop manages colors. I have been using photoshop and setting my pinter/paper profile successfully for years with my printer. The update to Lion has caused some issues, and, honestly, Epson keeps suggesting solutions that are not relevant (hence the question about colorsync).
Should the color I get have changed (subtly, but clearly magenta) using photoshop (CS5) manages color and the same printer/paper profile from 10.58 to 10.7? Maybe I just need a new profile if the updated driver is somehow different.
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Yes, the color could change, due to changes in the drivers, Epson profiles, and even some ColorSync bug fixes (Epson calls ColorSync internally for some things).
Thank you. I appreciate the reality check on this.