There used to be a web page called "Your Eyes Suck at Blue". You might find it on the Wayback machine.
You can tell the luminance of each individual channel more precisely than you can perceive differences in mixed color. This is due to the difference between rod and cone cells. Your perception of the color gamut is, sorry, imprecise. I'm sure that you really can't discriminate 256 bits of blue in the presence of other, varying, colors.
Rather than abuse every commenter who has not joined your specialty on Slashdot, please take the source and write about what you find.
Given that CPU and memory get less expensive over time, it is no surprise that algorithms work practically today that would not have when various standards groups started meeting. Ultimately, someone like you can state what the trade-offs are in clear English, and indeed whether they work at all, which is more productive than trading naah-naahs.
The road to ruin is always in good repair, and the travellers pay the expense of it. -- Josh Billings