The basic problem is that the color space for blending is an application setting (can't be specified in the file) and higher bit depths will double or triple your file size.
Going the other way is only slightly harder. Scale to the range 0 ... 4095, properly round the float to an integer, verify the range or mask with 0xfff to protect against NaN and Inf, and then to a table lookup in a table with 4096 values.
Tux Paint contains GPL code for it. It's been there for more than a decade. All you GIMP and Photoshop users having trouble with this should have been using Tux Paint. :-)
At least the instruction cache is barely affected, which would not be the case for a math library function.
This is why downscaled videos feel to have more contrast, or solarised due to bruteforce compensation on most Android devices.
You don't often find browsers disagreeing in 2019 on how to render things, but image colour -- even on the same MacOS (retina) platform -- appear to be one of those things they disagree on still: https://content.screencast.com/users/LouisStAmour/folders/Sn... Safari on the left, Firefox in the middle and Chrome on the right. So you can try it for yourself, the test page is at http://www.ericbrasseur.org/gamma_dalai_lama.html
If this isn't esoteric enough, I know of at least one major broadcast media company (Bell's crave.ca) that doesn't properly encode their HDTV 720p videos in MP4 to flag to the browser they're in Rec 709 colour space, and so the compression artifacts, designed to be invisible in Rec 709 are extremely visible on a wide gamut P3 display.
Of course, these flags were only recently respected on all platforms. Chrome on Windows as of Oct 2016: https://bugs.chromium.org/p/chromium/issues/detail?id=655417... and Firefox (err, actually still not fixed, it depends on the codec...) https://bugzilla.mozilla.org/show_bug.cgi?id=1300170#c87
But colour space is increasingly something you have to pay attention to, as displays improve beyond sRGB -- yet ironically, it's also getting easier to ignore as the latest stepping stone towards Rec 2020, the DCI-P3 colour space, is shared between PC and movie industries. https://en.wikipedia.org/wiki/DCI-P3#2015-2016 (Personally I refuse to buy any display or device that plays back video if it doesn't have a P3 display, ideally OLED)
FYI, you can test for colour gamut device support with CSS to serve wide-gamut colours -- but oddly enough, again, no Firefox support. :( https://developer.mozilla.org/en-US/docs/Web/CSS/@media/colo... FF bug: https://bugzilla.mozilla.org/show_bug.cgi?id=1422237
I haven’t noticed too much change in the general awareness of this problem between the 1990s and today.
Experts have always known the right thing to do and people have been talking about these problems as long as there has been image processing, (e.g. Poynton’s Gamma FAQ dates from sometime before 1998 http://poynton.ca/notes/colour_and_gamma/GammaFAQ.html) but it’s new to everyone at some point, and newcomers perennially screw up.
The annoying thing is that there are folks who continue to screw up (like Adobe Photoshop) who should really know better. Backwards compatibility shouldn’t be an excuse to continue with broken implementations for decades.
Also, I'm trying to find details on Apple's P3 profiles in how they differ from standard projection profiles for the movie industry to maintain compatibility with sRGB gamma, but there's not as much online as I expected about it.
In my search for info, I came across https://ninedegreesbelow.com/photography/lcms-make-icc-profi... which seems like a useful resource for Linux/FLOSS folks.
Ah. Found it, a source for the differences between "Display P3" and movie-theatre P3. Here's a link to the relevant section of the video, on colour spaces: https://developer.apple.com/videos/play/wwdc2016-501/?time=2...
And here's a good discussion on why D60 was chosen for film projection while D65 is used by modern computers for sRGB/Rec 709 compatibility: https://www.liftgammagain.com/forum/index.php?threads/dci-p3... and here's a bit on the technical details of ICC profiles and CIE XYZ numeric representations of colours: https://ninedegreesbelow.com/photography/xyz-rgb.html
A summary is that you need to do almost all image modifications in a linear color space. So you first need to back out any color tweaks made (for aesthetic or technical reasons), modify the image, then re-apply any tweaks.
Unfortunately, image files often aren't tagged with their color space and might use a specific color space out of convention--but they could use something else. Also, because it's way harder to do the right thing, a lot of software just does the modifications ignoring color space. Just think about how much slower and more memory a web page full of thumbnails would take to draw if you added in color space transformations? For awhile, a lot of browsers added support but left them off by default (imagine if you designed your web page to look right in a broken color space and it was suddenly much slower and now looked wrong). But a lot of software is slowly catching up. Unfortunately, legacy software (like Photoshop) and legacy file formats might never change.
[1] http://lists.openimageio.org/pipermail/oiio-dev-openimageio....