Very cool, and a good timing too. 
The Magic Lantern guys are just about to figure out how to shoot with LUTs in the Canon DSLRs: http://www.magiclantern.fm/forum/index.php?topic=16299.150
So you can shoot with a flat LUT and color correct with a LUT, which corrects the image, but preserves the extra data(though you might need 10 bit for that).
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