Color calibration is always an engaging topic, that can easily bring out passionate views and opinions.
The way I see it (no pun intended), color is about spectral information within a certain bandwidth. So if one is able to piece together a procedure from detection to final reproduction (say, through a display), that reproduces accurately such information, then that is the ideal case. Now, in astrophotography we like to go beyond human vision capabilities so that frequent astrophysical phenomena is not left out (ie, H-alpha emissions). Then the question arises as how to remap such part of the spectrum into the visible range. One possible approach is to compress the spectral information around some middle point in the greens, so that all information is preserved (and could be recovered by an inverse transformation). This, again, is the ideal case.
In practice, we detect color through three components (typically RGB), that result from passing the signal through three different filters before hitting a detector. Such filters and detectors are not standardized among amateurs, and they add their own idiosyncrasies to color registration. In fact, the problem becomes infinite dimensional if different filter/detector profiles are to be taken into account (to match those used in photometric catalogs). On top of this, we like to filter out unwanted additive signals, such as LP and air-glow, and the question of spectral information becomes even more intractable.
What I really like about color calibration using photometric data from different spectral type stars, is that it deals with many of the these problems at the same time, if a rich enough model if fitted.
So, the question remains if a model with three scaling parameters is good enough to recover accurate color balance, given the infinite dimensional nature of the problem. I know for a fact this is not the case with DSLRs (whose filters have significant cross-talk), where at least a matrix transformation is required. But given the unstandardized nature of color filters transmittance, and detectors spectral QE profiles, I wonder... And now that we will have access to hundreds of data points via photometric catalogs, maybe is time to get more ambitious!
best,
Ignacio