Yes I fully understand that you are converting your RGB files and placing them on a layout program. I do that with Quark and Illustrator for newspaper advertisements and brochures.
I'm trying to see if anyone actually convert their RAW directly into a CMYK space and then place them therefore avoiding PS CMYK conversion. I find this workflow to yield slightly better color reproduction and do not run into as much out of gamut issues.
Of course the whole point of CMYK files is to include them in a layout program, Quark, InDesign (or Illustrator)... Bob's case above is different since the CMYK conversion is done by the layout guy later on.
If we talk about profile, the choice of settings is on a case by case basis, one has to inquire the printer preferences for each job. It used to be straight U.S. Web Coated -SWOP- v2 for ages, nowadays Europe Prepress (FOGRA27) for example seem to take over a significant share of the market at least outside the US of A. Not to mention some more exotic profiles you can run into, like Japan Color.
(from experience
a good'ol US SWOP file printed along within a JC document and color set can give "interesting" results
)
The printer usually, now, takes care of the finer settings, dot grain etc.
On a consistent basis, delivering the file into required (final use) profile -and checking them out before placing in the layout software- ensures better result and less problems. And in any case, as Tim pointed out, the most important thing is usually to make sure of a strict profile consistency along the various files for the same document / set of documents.
Regarding your point about direct CMYK processing out of the RAW converters, i guess it's a typical case where YMMV.
It's quite possible that you achieve somehow better results, but then if i understand correctly it's only valid for files not requiring a processing stop in PS... which in many cases is very limited (probably out of old habit i process 100% of my prepress files in PS where i feel having better control and fine tuning tools over the final result, including some "post-profiling" tuning when surprises show up (reds!)). And again, you have to be quite careful of mixed origins profiles if in the same layout there were some photos directly out of C1 (or other RAW converters) and some others converted in PS. The settings have to be the same -i personnaly don't have experience doing this.
Overall, my feeling is that keeping PS as a preferred hub for all files and conversion purposes before placing them into the respective output program (be it Prepress layout, Web editor etc.) is a lond established, very secure workflow.
And found out that when problems occur on a deadline (you know, this late evening, last minute call on your cell from the printer of a magazine where your client has bought a full page ad which is blocked by the ripper...
).
Kwoning instantly where to get back to (PS) and the facility of shared knowledge around the software with your unknown interlocutor has proved a invaluable asset over time.
Needless to say, standard workflow is one thing, doing a specific high quality job (typically, Art Book, super exclusive luxury brochure) might worth the extra bit of quality if you feel obtaining it by following another route. But when it comes to Prepress, walking the beaten path has a lot going for it.
My 1/50...
(note: again, if someone else is doing the layout work, sending RGB, usually Prophoto or whatever they're asking is a safe way to go and let them handle of the conversions in their document. Oh btw, if they don't really know what they need (happens a lot after all)... send sRGB!)