CSS3 drops color-profile property due to a lack of implementation and calls now for more implementations.
These are bad news, as it clearly reduces the scope of ICC profiles. In order to create content with certain colours a ICC profiles is the best way, as soon as the colours exceed the default sRGB colour space. Moreover HTML5 relies on CSS3 colour definitions.
SVG can be used in HTML5 not as syntax, but as embedded document. This means SVG color-profile is not available to all canvas elements. My guess is some web authors need to circumvent sRGB limitations by the means of embedding documents. Is this a continuation of the old flash with unspecified colour space? Clearly not at that level but in regards to colour it might be. We will see. What will be the blending colour space of native canvas elements with SVGs and PNG embeddings?