Now I know Premiere isn't color managed in a strict sense: it doesn't use ICC profiles to map an output of simulate displays like After Effects or, to a point, Speedgrade does.
I also know that internally, all effects and color processing takes place within Premiere's own wide gamut 32-bit space.... but that means the footage still needs to be converted when read and eventually displayed regardless of if it's your computer monitor, your broadcast monitor or a file.
After all I've read I can't quite put my finger on how Premiere handles things. It's not a problem that keeps me up at night as my projects go through a full finishing phase but I would just love to know in general.
Is Premiere using smart interpretation when reading footage? How does it know if something needs to be transformed from a log space or Rec 601 or Rec 709. I know many media files are tagged internally with that info, but what if they aren't?
What exactly does Premiere output to? Rec 709 across the board?
I guess I just don't understand how Premiere does things when it's stand-alone.