My take is that it depends entirely on the final 'destination' of the image(s). Your camera actually captures a significantly wider color gamut than even Adobe RGB - actually fairly close to the CIE LAB color space (the horseshoe-shaped swath of colors that is a mathematical represantation of human color perception, and that you usually see as the background for all the other color space diagrammatic representations). The ProPhoto RGB color space is the widest gamut commonly used in image processing. By the numbers, sRGB covers ~35% of the LAB color space, Adobe RGB covers ~50% of it, and ProPhoto RGB covers ~90% of it.


Computer monitors (web display) generally use sRGB (which was developed for monitors, primarily). sRGB is also the color space used by the printers in most photo labs that print directly on photographic paper. Mosthome injket printers also use the sRGB color space (presumably to offer the best color match for typical users, who don't calibrate their displays). 'Device-aware' software will see most printers as RGB devices (even thoughconsumer inkjet printers still use CMYK-like inks, they are calibrated for sRGB).


Adobe RGB is a wider gamut that commercial photo labs and typical home printers cannot reproduce. That wider gamut is meant to encompass the standard CMYK reproduction process. I use Adobe RGB for images in my scientific figures that are published in print journals - the typical format requirements are 600 dpi TIF images in CMYK format, because the journals are printed using offset printing (same method used by magazines). High-end inkjets can reproduce a wider gamut than sRGB, and in some cases (like Canon's PROGRAF series that print using 8-12 ink colors) they can actually reproduce a wider gamut than Adobe RGB.


Very high-end monitors (the high end of the Eizo range) can display pretty much the full gamut of Adobe RGB. No monitor can come close to displaying the ProPhoto RGB space.


In practice, the bottom line is that for most photographers sRGB is the color space to use. The exceptions would be if you areprinting to a pro-level inkjet printer (you'd want Adobe RGB, unless you have a printer and software - and printer drivers - that support an even wider gamut, e.g. ProPhoto RGB),or if you'reworking with a publisher with different requirements (in which case, you'd adhere to those requirements).