Apple has been awarded a US patent for a "method of color correction of color devices for various operating conditions." In other words, it's a way for devices that display color (printers, scanners, cameras, diplays, etc) to adjust for outside conditions in order to correctly display color.
Here is the description:
"Methods and apparatuses for color correction of color device for various operating conditions. In at least one embodiment of the present invention, operating under a current condition, a color correction operation that is derived from color correction operations defined for other conditions is performed on the color data. In another embodiment, a device profile for managing colors for a color device operating under one condition is interpolated from the device profiles for the color device operating under other conditions (e.g., based on the input received from a user interface according to the perception of the user or based on the measurement of a sensor). The interpolation can be based on the input received from a user interface according to the perception of the user or it can be based on the measurement of a sensor or a set of sensors. Various operating conditions for a color device (e.g., a scanner, a camera, a video camera, a printer, a display device such as a CRT monitor or an LCD display panel, a television set, or others) include chromaticity and illumination of ambient light, background color for a display device, characteristics of print media for a printer, humidity, temperature, pressure and ink level for an ink jet printer, the age of a light source for a scanner, and others."
The patent goes on to describe various color-displaying devices and how outside conditions (ambient lighting, weather, etc) can have an effect on how colors are represented. Much of this actually sounds like the Gamma correction under the Display Settings as it describes those as color correction while noting that "the typical adjustment of the brightness level of a display device, which may be performed manually through a control button or automatically according to the measurement of a light sensor, is not considered a color correction operation."
We're not high-end graphic artists, but we've heard that some graphic artists work under very precise conditions in order to ensure that everything they see on their screen is accurate. This even comes down to the ambient lighting.