M-
from my own point of view, it's pretty much what it is; and whether you call it grading or correction, when you are on a desktop it's pretty much the same thing. That said, there are an amazing amount of choices in manipulating the color and look with the power of modern software. With masks and transfer modes, one has a lot of power. Add in post glows and diffusion, rotoscoping, and the layers of compositing of duplicate layers as well as subtle use of additional footage, and the power of painting on a layer for touch ups, etc... and their is little excuse for footage to look bad. (though we know that is subjective)
And all that has to be guided by the motivation of the story or project, as well as the urge and the fight against the urge just to try to make something 'cool'. (power is scary thing

)
So... smoke and mirrors - which is okay becuase that's what movies are anyway.
I'll try to post more, and have had others request a walk through from start to finish on a single scene and what personally motivated my own choices and approach. Glad people seem to think I have something worth saying. Could be interesting or maybe really really boring... but I'll post it up whenever I get it done...
resepcts
kely