Hi Michael,
Could you please clarify what you're saying? (I'm afraid I'm probably missing some context.) As I understand it, you're saying that:
Grading is done towards the gamut of print film (since most movies will be seen with film projection). Therefore, there is little point in specifying a gamut larger than print film (or little point in grading for it) until digital cinema is more common.
Yes, that's generally what I'm saying, but with a caveat. In any post pipeline, you tailor it for the primary deliverable. That doesn't necessarily mean lowest common denominator or highest, it just means that you must decide on the primary delivery target. Right now, for all theatrical releases, that's film, even if the picture generates more revenue from its video distribution. In part this is due to studio demands and desires, but it is also very much due to archival considerations - and film separation masters are currently the archival standard. Another technical consideration is that while it's not particularly difficult to achieve a film color pallette for the video deliverable - 3D luts can do this quite well - it is far more difficult -almost impossible - to achieve a "video" color pallette on film, due to some serious saturation and brightness differences. Of course, in the future, all of this can and most likely will change, at least in terms of theatrical exhibition, as electronic projection becomes more widespread. For this reason, it is very desirable to have in place a long-term digital cinema standard that can accommodate a transition to wider color gamuts that might be possible with electronic capture and distribution, even if that has little practical use in today's cinema.