I hesitate to bring the math into the discussion, but I guess I will...
Pretty much everyone in the consumer space - with the notable exception of Lumagen - uses the HLS (or HSL if you prefer. Hue Lightness Saturation) color space for what they call CMS calibration. The HLS color space is a non-linear color space and is NOT the correct color space to do CMS in. If you calibrate in HLS and can manage to get the calibration points correct (no easy task in many cases) all the other points will still be wrong –- to some degree. I say to some degree as how much depends on how far out the display was to start.
Lumagen uses a linear Gamma 3D color cube for CMS since it is mathematically the correct color space for CMS. When you calibrate CMS with a Lumagen you get linear results and so the rest of the colors are correct –- assuming the display has a linear response mode to calibrate. Most high Quality displays and projector now have a mode or two that have linear response, so this is likely to work out well.
I had the opportunity to chat with Charles Poynton, a world renowned color mathematician and he agreed with me on this. Go to
Charles Poynton for more from him on the subject (not sure if this is covered or not but there is a lot of good info and pointers to his book, and upcoming book, on the subject).
So if you have a display that is close, you can mitigate the CMS with other CMS systems, but to get it right you need a Radiance Video Processor.