Unfortunately, Photoshop is still a primarily "print" application due to Adobe's main target market supposedly not being film/effects work. The entire proof setup system is based on the idea that your image is going to get printed and the compatible colour management profiles are regulated by the international consortium, which includes members of the photography, printing, and painting industry.
Until they upgrade their working space colour setting options in one of the next versions (which will also force you to switch onto the creative cloud system) we will have to keep converting between formats.
If there are any other alternatives available, I hope someone will share it in this thread one day. Until then we're all in the same boat.
However, OpenColor is not as intimidating as it first appears. Although it has no UI it's quite straight forward once you got it installed properly.
Originally Posted by charlotte25
Thanks for this quick feedback. Very helpful! Now that you have explained this, I can see that other people have talked about opencolorio.org on this thread. I think I'm going to have to work out how to convert the .cube to an .icc using this software (very inexperienced with coding!)
I do have cs6, but using the LUT as an adjustment layer isn't that useful- unless I'm missing something, this is not allowing me to paint/clone within layers whilst viewing the LUT.. it acts as any other adjustment layer would and to work on layers beneath it, you have to turn it off.. which returns me to square one! So frustrating!