The "epic" arguments involving LAB colorspace (and 16bit vs. 8bit) occurred between Dan Margulis and Bruce Lindbloom, back in 2007-2008, as I recall. Margulis is the proponent, Lindbloom is the opponent. Margulis used test images that showed insignificant damage in LAB conversions. Lindbloom used test images that did show significant damage. Much of what they wrote was beyond the comprehension of the average user.
Key points (as best I can remember):
The degree of damage from an rgb to LAB to rgb conversion depends on several variables:
1. The bit depth of the image
2. The rgb colospace used (sRGB, Adobe98, Prophoto).
3. The actual content of the image - how much the colors in the image stretch the gamuts used.
4. The number of times the round-trip conversion is made.
A better way to demonstrate the issue for yourself. Better than just a visual evaluation or using sample points:
1. Load an "rgb" image and make a duplicate.
2. Convert the duplicate to LAB and back to rgb.
3. Copy the duplicate and paste it as a new layer on top of the original.
4. Put that layer in "Difference" mode and display the histogram
(4a. Click on the exclamation point icon in the histogram to make sure you get a true histogram.)
5. Look at the "StdDev" value.
The StdDev value is the best measurement of the difference between two images. You don't have to understand the math, just know that the higher the value the greater the difference. Values less than 0.50 are generally insignificant and invisible. As the StdDev value rises above 0.50 the difference becomes more significant and visible. To better "see" the difference, add a Threshold layer on top and move the threshold slider to the far left (value 1). Then slowly increase it to 2, 3, 4, etc.
Then repeat the test, but make 20 to 30 round-trip conversions on the duplicate image before copying it back to the original. See the difference increase.
Do the test with a 16bit image in Prophoto vs. an 8bit image in sRGB. Do the test with an image with low saturation (well inside all gamuts) vs. an image with high saturation.
Bottom Line:
You can get away with one round-trip conversion 99% of the time. But you don't really need to bother because there are ways to reach the same goals with other techniques that stay in rgb mode.
Here is the only bookmark I have left that gives a good overview: http://www.luminous-landscape.com/forum/index.php?topic=28753