I'm talking in terms of the icc, http://www.color.org/
but it could apply to any device independent color system

if you talk about "color" matching, it seems to me that absolute
colormetry should be the correct approach, this is simply measured and
a simple cmm can connect device colors to and from the absolute and
static profile connection space

if you are talking about "appearance" matching, an absolute color
profile connection space and a simple cmm do not apply I think, each
device and ideally its device profile have its own appearance
considerations and the cmm has to connect the "appearances" through
the profile connection space with those "appearance" considerations

it would seem to me that the correct approach is for the cmm to
instantiate a profile connection space based on the input and output
"appearance" considerations at the time of connection,

the instantiation could be an event-loop or an OO approach or
whatever, but according to CIECAM02, LMS color space is involved
http://en.wikipedia.org/wiki/CIECAM02
--
Dale