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Martin Evening has updated his popular Photoshop CC for Photographers title with a free new PDF that goes into detail on CMYK proofing, proofing with Smart Objects, and more.
In previous versions Camera RAW outputs the image in one of the four selectable color spaces. I typically use ProPhotoRGB. In 8.1, assuming you choose a CMYK color space as described, in what color space does Camera Raw output? If the CYMK (eg inkjet space), then this feature is only useful if you intend no further editing. Using this soft proofing feature for a Smart Object, where by definition further editing is intended, does not make sense to me. Any ideas?