Bill Crow, best known for his work on HDPhoto/JPEG-XR, has a great post about dynamic range and color spaces.  If you are into photography or video, understanding this is important.  As we try to aggregate video from more and more sources onto varying display mediums, color science is becoming every more important.  Bill gives a great introduction to the subject.  If you want to know more, there is a great book called Digital Video and HDTV: Algorithms and Interfaces by Charles Poynton that covers this all in great depth.