Howard M , Dec 23, 2010; 08:12 a.m.
My hunch is that someone (Andrew?) will be more detailed in possible differentiation of the terms but I think the answer is 'yes'. The RGB values are essentially scaled for whatever color profile it's in. This is why PS's 'convert to profile' is the thing you want to do 98% of the time vs. it's 'assign profile'. Convert tags the file and changes the RGB values whereas assigning simply changes the tag but leaves the RGB values alone. You can see that by finding on the web different files of the colorchecker chart in various colorspaces.
the classic problem is that w/o the tag, the display device doesn't really know how to correctly interpret the numbers. This is why non-color mangaged applications like Internet Explorer screw-up so badly (since it assumes everything is in sRGB)