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I can't say from experience, but SD and HD do use different color gamuts, with HD having more colors available. Which means downconverting to SD you will lose some of the HD color range.
> Which means downconverting to SD you will lose some of the HD color range
Mehhhhh... Not so much. The gamuts are actually not so far apart in size -- just "different". I remember reading something about this: Apparently, when ITU was debating the ratification of the new "709" standard, there were a lot of delegates who were saying (mainly the Brits, I think) "What a minute... this will just confuse the hell out of people and it won't really improve anything. Why bother?". But, it passed anyway and now here we are with two different standards, neither much better than the other and everybody is completely confused.
> if I export a SD version of the film, is there a difference RE: Color Correction between the two formats?
There should be, but there is not: Premiere CS3 essentially ignores the fact that there are two different color standards and processing everything as "601". It does not convert 709->601, it just pretends they are one and the same.
So, the values you'll see when exporting as SD will be identical to the HD output, but it will appear somewhat incorrectly on SD monitors.
It is a bug.
You may want look at my HD->SD workflow, which fixes the problem for HD footage. Unfortunately, as I am only doing post-processing of the color, RGB graphics will still be incorrectly converted... but that's (usually) not as big of a deal.
This has been fixed (though I have yet to test it thoroughly) in CS4.
>neither much better than the other
I'm not ready to agree with that one just yet. The colors I see in HD broadcasts or on Blu-ray surpass anything I've ever seen on SD.
Well, not exactly the info I was looking for, but it's something on the subject: