The technology was largely developed by Eric Chan, on the Camera Raw team. And he writes extensively on John Nack’s blog explaining the principles behind it.
“Do you find deep reds becoming orange-ish and undersaturated? Is it challenging to nail colors under specific lighting conditions, like when doing a product shoot? Do you love our tools but prefer the colors from another raw converter (or from the in-camera JPEG preview)? Have you tried fiddling with the Calibration sliders (or cursed them because they don’t provide enough control)? The good news is that we’ve produced a comprehensive and highly versatile solution that addresses all of these issues…”
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