While we were working on the Big Camera comparison, one of the things that became quite clear was that the different sensor devices we looked at were producing images whose colour was quite different. More importantly, when we tried to fix the colour from one to look like another, it proved impossible.
This rung a few bells with me from a couple of years ago when I was looking at whether it was possible to simulate Fuji Velvia 50 by creating some form of Photoshop action or icc profile. It quickly became obvious that although we can approach some of the colour changes that Velvia introduces (for instance blue shadows, tendency to move colours toward their primaries), there were certain colour changes that were impossible to fix. Trying to change one part of the colour range would inevitably affect another part. Eventually I gave up with this, concluding there was either something magic going on or my Photoshop skills weren’t up to it.