*If you are working in web and print remember to change your monitor calibration settings (in your system preferences > displays > color) each time you switch between web and print so that your images look as close as they can to the final distribution.
Display Setup for WEB:
System Preferences > Displays > Color>
Apple Studio Display (for the Mac Desktops)
Dell 1780FP (for the schools extended monitors and a better PC color proof)
Color LCD (for Mac Laptops)
*You should choose the standard setting that came with your monitor. This is however a moving target and is not perfect in hue, saturation and contrast. Displays will all be different. The goal is for your image to look good on all of these monitor settings. This is one reason why extended displays are valuable as you can set them up for different calibrated previews.
Photoshop Setup for WEB:
Image > Mode> RGB
Edit > Color Settings > Settings: North America Web/Internet
Edit > Color Settings > Working Spaces> RGB: sRGB IEC61966
Edit > Assign Profile > check working sRGB IEC61966
(This will embed your profile so that when you open the file when you are in a different color profile (i.e. print), a pop up window with an alert message will appear, so that you can color manage the document.
(If on a Mac)
View > Proof Setup > Macintosh RGB
View > Proof Colors > unchecked will leave you in the proof set up you chose (Macintosh RGB)
checked will preview in Windows RGB (you can preview for most computers (PC))
(If on Windows)
View > Proof Setup > Windows RGB
View > Proof Colors > unchecked will leave you in the proof set up you chose (Windows RGB)
checked will preview in Macintosh RGB (you can preview for Mac users)
The shortcut in photoshop for proof colors is command/control Y to toggle between the proof colors
When saving for Web and Devices > keep convert to sRGB unchecked
In CS4 you can preview in Monitor Color or Mac or Windows
*However previewing is a moving target and is not perfect, monitors will all be different. The goal is for your image to look acceptable on all of these monitor settings.