If all of the colors for the image you are viewing are within sRGB gamut I'd expect to see zero difference in CS5 between the image tagged aRGB or sRGB with the monitor properly calibrated at full gamut or sRGB gamut.
When you swap monitor profiles are you rebooting your system, closing an then re-starting CS5 or are you doing it with CS5 open?
Did you calibrate your monitor to full gamut and sRGB or are you using the out of the box presets? If you are using the Dell defaults then forget what I've said above and go buy yourself a nice monitor calibration tool (x-rite i1 Display Pro or Spyder4Pro). Also change the brightness (manually) to about 15%. It'll look really dim, but it will be much closer than the out of the box setting.
The only reason you ever want to use the sRGB emulation mode is when you use non color managed applications and don't want to see over-saturated images or video. For Windows users this includes Windows Media Player, Windows Media Center, Office applications (not really color managed ... or if they are MS does a horrible job), Adobe Flash Player to view internet movies, and many more. Internet Explorer is also a poorly color managed application, but fortunately there are better browsers like Firefox.
I never use the sRGB emulation mode myself, but I've also done the following:
1. I use the donationware Media Player Classic Home Cinema with color management turned on to replace Windows Media Player or Windows Media Center.
2. My desktop image is tagged aRGB (all of the stock Windows ones are sRGB).
3. I use Firefox for a browser with the "Color Management" add-on which lets me easily turn on full color management without needing to get into the FF hidden settings.
4. I use a good calibration tool (i1Display Pro hardware) and calibrate my monitor monthly.
5. Never use Windows Picture Viewer to view images (or any other MS image viewing application) as the color management is poor.
With the above the only significant issue I have keeping my monitor at full gamut is Adobe Flash. It's everywhere (standard Smugmug, Zenfolio, Flickr, etc. slideshows, internet video, etc.) and it's not color managed. Windows desktop icons are also a bit more saturated and images in Office products (which I never have a need for anyway) look a bit off.