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| p.1 #6 · If your monitor doesn't support the gamut, what's the point? |
That depends on your settings, actually...
If you're working on an RGB image that's going to print, or to a smaller target space than the one you're working in - then you might have quite a bit of color that are OOG. They will still be viewable on screen, though you get blinkies from them when soft-proofing.
What the color-management system is doing then is to warn you about problems further ahead.
But if you're IN the target space already (working in sRGB, going to export in sRGB) then one of the channels have [almost] clipped to either 0 or 255. At least one channel has a flat-spot, where no detail information can be carried through. If the CMM and your editing has worked correctly, this does not necessarily mean disaster, unless you're going to process the image in further steps past this.
Carrying detail in all three color channels can be close to impossible if you have flowers, synthetic materials or other very strong colors in the scene, and you export to (or work in) sRGB. But since the green channel is the main "luminance detail" carrying channel you can clip small "tips" and "valleys" of the red and blue without much visual/perceptual damage being done.
If you overdo it (crank saturation) though, you can often see large flat areas that are pinned to a certain maximum saturation color. Within this area you have close to zero fine detail information, stuff like surface structures and so on often disappear completely.
Some people don't mind this, I think it looks awful (but then I'm an old-school pre-press guy...)