Adobe Announced in their Beta Community, a dramatically updated Color Management in the latest Premiere Pro Beta. This one sounds absolutely huge and is something we have all been clamoring for for a long time!

Here is what has changed.

• Each sequence’s color management is easily configurable in the Sequence controls of the Settings tab of the Lumetri panel. By default, color management works similarly to the Premiere Pro color workflows you’re already used to when using the default Direct Rec.709 (SDR) preset. Alternately, you can choose to use one of our wide-gamut color processing presets to maximize the image quality of all grading and timeline effects when using wide-gamut or wide-latitude source media. Regardless of how you choose to work, Lumetri and other effects have been made color space aware, so they work well in any preset.
• Users who don’t want to use automated color management can now turn it off from within the same Color Setup menu. This is useful for pass-through workflows when you don’t want the color space of media being processed at all, or when engaging in traditional display-referred grading workflows using LUTs and manual adjustments.
• Premiere Pro now automatically color manages camera raw media, including Apple, ARRI, Canon, RED, and Sony raw media formats. As long as color management is enabled, raw clips will be automatically processed.
• The Override Media Color Space menu has been expanded to support even more color spaces for more cameras and formats, making it easier than ever to color manage media that were either recorded or transcoded to standard file formats such as QuickTime and MXF, without needing to track down the right input LUT.
• For clips you don’t want to be automatically color managed, a new Preserve RGB setting in the Color tab of the Modify Clip dialog prevents input to working color space conversions, allowing you to manually convert clips either using LUTs or manual filter adjustments.
• Program Monitor, Video Scopes, Transmit, and Media Export all output the image as it appears after conversion to a new Output Color Space setting. While the working color space lets you choose how media is processed, the Output color space lets you choose the specific color space you want to monitor (SDR, HDR PQ, or HLG) and deliver your program to. This guarantees that the working color space never needs to be changed, while making it easy to change color spaces at any time to create multiple deliverables using the same grade (e.g., delivering both HDR and SDR versions of the same sequence).
• Improved tone mapping algorithms and new gamut compression settings improve quality when automatically converting wide-gamut source media to standard dynamic range. Additionally, there are now two ways  of using tone mapping, on input or on output.
• Premiere Pro color management has been improved to enable smoother interoperability and color consistency using Dynamic Link for round-tripping color managed sequence clips between Premiere Pro and After Effects whenever you use the Replace with After Effects composition command.
• Last, but certainly not least, if you import projects and sequences created in older versions of Premiere Pro that have grading and effects already applied, these will automatically be configured to appear the same as before, while the color management will function exactly the same as before. If you decide you want to override these legacy settings and use the new color management, you can override the custom settings the sequence was set up with and choose a different color management preset (and you can use Undo if you find this was a mistake).

Now this could be huge and no matter what is going to be a big change so I look forward to playing with this. I hope they come up with something like DaVinci Resolve has to deal with the QuickTime color shift issue, but I doubt it.