Emre Safak , Feb 22, 2007; 03:50 p.m.
It is merely encoded in linear gamma. The color management engine then converts it to your monitor's color space (color temperature and gamma). What you said would be true of a naive application that did not do the appropriate color space conversions.
In other words, you can encode your data with any gamma you want without it looking wrong (dark or bright), so long as you use a color-managed application.