I've always been disturbed by that blurb that LR puts there, because it is technically correct but misleading and potentially dangerous. Over and over again I see people using ProPhoto RGB and Adobe RGB inappropriately because they have heard or been told that they are better. Yes, it is true that ProPhoto RGB has a gamut nearly as big as the camera's native capture gamut, but there are at least four things you need to be aware of:
1. Those extra colors mostly don't exist in the real world. They do exist in brightly colored flowers and kids plastic toys and a few other things but the majority of your subjects will have no greater range of colors than can fit into the narrow gamut of sRGB. Ideally, you should use a space whose gamut is only slightly wider than the subject gamut. Using a gamut a lot wider than the subject means that a lot of the space is wasted and as a consequence you actually end up with fewer discrete color tones than you would have had in sRGB. Moreover, if you do not edit ProPhoto RGB in 16 bit depth, you can do your image real damage.
2. Even if you do have those ProPhoto colors present in your subject you won't be able to see them on your monitor, so you will have to be adept at editing according to the histogram and the numerical readout and at understanding what they mean in a wide gamut. To be something like Beethoven composing music even though he was deaf because his brain knew what sounds the written notes represented. Of course, nobody else will see them on their monitors either.
3. Even if you do have those ProPhoto colors present in your subject, you won't be able to print them. High end home inkjets, the kind with 7 to 10 ink colors, can print Adobe RGB and sometimes a bit more. None of them can get close to ProPhoto. As for commercial print labs, their machines have color spaces even smaller than sRGB.
4. At the end of the day, when you have to convert down to sRGB anyways, if you haven't set up your ProPhoto image properly, that conversion can cause a load of highlight clipping and anything you may have gained by editing in ProPhoto will be lost.
ProPhoto RGB has its place and its uses, but using it without understanding why and how is, in my opinion, ill-advised