I’ve been waiting for this since ever ! Blender 2.5 is managing linear workflow (gamma correction, … ).
Matt Ebb just did a great update where the UI (color picker, …) give you feedback of linear color and present the linear workflow.
Here is the comment of the SVN update (revision 25065) :
Changes to Color Management
After testing and feedback, I’ve decided to slightly modify the way color
management works internally. While the previous method worked well for
rendering, was a smaller transition and had some advantages over this
new method, it was a bit more ambiguous, and was making things difficult
for other areas such as compositing.
This implementation now considers all color data (with only a couple of
exceptions such as brush colors) to be stored in linear RGB color space,
rather than sRGB as previously. This brings it in line with Nuke, which also
operates this way, quite successfully. Color swatches, pickers, color ramp
display are now gamma corrected to display gamma so you can see what
you’re doing, but the numbers themselves are considered linear. This
makes understanding blending modes more clear (a 0.5 value on overlay
will not change the result now) as well as making color swatches act more
predictably in the compositor, however bringing over color values from
applications like photoshop or gimp, that operate in a gamma space,
will give identical results.
This commit will convert over existing files saved by earlier 2.5 versions to
work generally the same, though there may be some slight differences with
things like textures. Now that we’re set on changing other areas of shading,
this won’t be too disruptive overall.
Check out the documentation on the wiki here : http://www.blender.org/development/release-logs/blender-250/color-management