Though color management is very important when using Photoshop some aspects of it though is a waste of money for me. You see I'm like 10% of the men is the world am a little colorblind. This does not mean I do not see colors I see color quite well. Perhaps my color world is a more pleasing one then yours. I only calibrate my displays using web test pages and software tools. Perfect color on a screen has little value for me. People also have different taste when it comes to color when it comes for images many prefer over saturation then true life like looking images. Even when it come to black and white images. I have even heard people criticise Ansel Adams image as not being right. Ansel of course was creating art not mer real look pictures. Most of us have see Ansel Adams's images in books and print. If you have not seen a print made by Adams's himself you have not seen what he is famous for.
Being colorblind I do color correcting more by the numbers then by trusting colors my eyes see. I may transpose numbers from time to time I can still see them and use them for fixing color problems. I also have problems understanding many articles written about fixing colors when they state you fix image by finding neutral gray areas in the image. While that is true if the image has a color cast those areas will not be gray till the image's colors are corrected. Anyway I do numbers better then color. When it comes to art colors used is up to the artiest and their vision. Still I want my images to look good for people with normal color vision they look good in my world too. Ansel did color too but BW was where his love and ART is at.
Photoshop is also a toy and can do a great job with numbers for you. Using the gradient tool and square images you can get perfect black and White and color gradients. Using these you can see how Photoshop is able to blend thing. When you add to this blend if gray with its sliders that can be split you will find you have more the a toy at hand.
Playing around with Photoshop can be very educational here is a little example.
Simple gradients created in ProPhotoRGB 16 bir color and saved for the web in PNG-24 converted to sRGB.
Now to blend them and animated gif is not going to heck it for the web. CS6 does some video and color mangement what will it do with 16bit ProPhotoRGB???
How well does this web sit embed video??? only allows some web sites
how about a link to mine http://www.mouseprints.net/old/dpr/BlendingModes.mp4