iPhoto 5, in Tiger, can now embed a ColorSync profile into its imported images. Launch Image Capture, click Options, and select the option to embed ColorSync profiles. Then select a profile from the drop-down menu. You must have your camera connected to access and intially set options in Image Capture, but its preferences are saved and used on subsequent imports.
This is a very welcome return of an essential feature which last worked in iPhoto 2.
Mac OS X Hints
http://hints.macworld.com/article.php?story=20050802210701929