Jay, not trying to be contrary, but I'll bet if I could get one of the guys that used to work for me to tune your system you'd be amazed at what a difference it makes.
Also, there are some VERY interesting things you can "pre-test" on your monitor relative to gamut restrictions if your system is completely tuned and calibrated.
I have no doubt that you have what we used to call "good enough" color which works for many people.
If you were trying to, say, do proofs for magazine ads or billboards you'd find a VERY different "eye on your consumer." It's actually quite amazing what a slight difference in a profile can do to correct blown out highlights or blocked shadows.
When you are converting color from one color space to another the way that out of gamut colors are mapped into the "new" gamut space can make a huge difference.
I should add that making reproductions of artist's work (possibly of more interest to framers) has the same critical eye factor.
Most (all?) of the artist's mediums have a larger and definitely a different gamut than the digital devices you're using to reproduce them.
The first critical area is input (scanner or camera). How a profile uses the available gamut of the reading device to map actual colors from the original immediately forces you to deal with different areas of detail and definition in the image. and it can get more complicated from there if you actually care about the detail and color fidelity from original to reproduction.
Maybe an example ... first, I hope you take as a given that ALL colors and ALL detail can not be mapped from a continuous tone image (like a watercolor or oil) to digital. Therefore you must decide what's important. If you are reproducing portraits for example, you would worry about a much wider range of "fleshtones" so that the facial detail is preserved. If you were capturing very high key (bright and lots of highlights) images, you might be more concerned about mapping colors in the brighter area of the gamut.
This can all be done with ICC profiles.