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In "design" utility of this is hmm.. small but I needed to know how big is loss of colors after certain things you do in photoshop.

As a somehow useful information for people editing photographs in LAB mode: sRGB has much smaller gamut than LAB but when you convert image to LAB mode you throw away a lot of colors. If  you convert it back to RGB you again throw away color data  so you have much much less colors than in original

Of course during design of business cards etc. It's not so "important" but in photography probably a little  but again I needed this not for my daily routine but for "research"