Hi David,
I have used Pictocolor iCorrect Edit Lab Pro 4.0 not 5.0. The program may become less relevent if one has controlled lighting and use a grey card in your shots.
However, if one has picture from a vaction where one has no gear or wedding reception with 20 different Tungsten and Fluorescent lighting and a few windows, this plugin comes to life. One click can get rid of casts. It has its own ideas for contrast, Black and white points, saturation and what faces and grass should look like. Sometimes the face colors are pretty orange. It all depends on what and where one samples the skin.
This is why I always use this, like ANY filter on only one layer, and then blend back to taste.
However, it may still take you only so far. I find that I can select parts of the image to get white, black and grey even without this tool, just from my experience. Every so often, maybe when I get a bunch of jpg images from someone ele, out comes that plug in for the 5 second fix! For really difficult pictures, I do one correction with icorrect and then one by eye. Often they are different just by some hue. I find that blending the two versions gets a little more to something I am most pleased with.
There are others who use these programs in their regular workflow and I understand why, iCorrect Edit Lab Pro gets one a good part of the way without a lot of stress. However, with experience, is it faster than working with RAW? I don't think so!
The Picto icorrect software is useful for quickly dispatching a load of jpg's dumped on you from some one else with color casts from horrible lighting. It rapidly delivers greatly improved images that Walgreens or other Pharmacy can print in one hour. Most people will be happy.
On its own, it may be best for those who lack the time, energy or aptitude to correct by eye in RAW translation and in PS CS2.
Asher