Michael Cockerham , Apr 11, 2009; 07:30 a.m.
I have a fully colour managed workflow, runing prints via ACR in Bridge through a RIP to a wide format printer. All the printing is through the Adobe RGB 1998 colour space (except B&W whihc is in Grey Gamma 2.2), and I have no complaints on print quality - the prints sing.
For web, files are converted to sRGB almost at the final stage, checking carefully for any significant shifts from out of gamut colours. Then I always export through PS "save for web" function. Bring up the "2 up" screen and you can check before and after views to see what effect the output will have. Make sure progressive is swtched off. In fact I have set up an action for natch converting files for web which is usually pretty reliable, and makes things quicker. You only have to keep an eye on those images that you know may have out of gamut issues. Hope that helps.