"This Colour Space Conversion capability has obvious usage, especially when looking to deliver finals in a different colour space to that within which the DI was performed."
I was wondering, what this could mean in practice, if my grading color space is "smaler" than the final one. For example I don't have the budget for a P3 display, and I'm grading in Rec.709. The result would be bad, because what I see is not what I get, right? Or maybe is Lightspace using a matrix to "rescale" Rec.709 to P3 for example?
I know that the movie Prometheus had around 8 graded versions: 3D, standard movie, Blu-Ray, DVD, web (trailer) etc.
Because they had the budget, they graded all delivery formats one by one. But when you don't have the time and money, what do you do if they ask you a Rec.709, P3, and sRGB??