If you choose to work in wider colour spaces, it helps if you understand rendering intents and have accurate monitor and printer profiles that you can soft proof.
If you are working a wider colour space than your target device, how the colours are represented on the target device depends on the rendering intent. Typically, Perceptual and Relative Colorimetric are used for photographic work, though Absolute Colorimetric sometimes has a place for photos.
This article
is a very helpful guide to Perceptual and Relative Colorimetric.
There is certainly an argument to working in sRGB throughout if you know you need sRGB output. If you work in 8 bit Adobe RGB, then convert to 8 bit sRGB, posterisation is possible - ideally you should work in 16 bit when using medium wide colour spaces (such as Adobe RGB) and it's really mandatory for wide colour spaces (such as ProPhoto RGB). You should convert to the target colour space before converting to 8 bit if you need 8 bit output.
You can't get away from the fact that your camera is capable of colours outside even Adobe RGB - digital cameras and scanners usually are. Most RAW converters are capable of converting into a wide colour space, such as ProPhoto RGB. You may or may not have control over how the conversion to a narrower colour space is made - if you convert to 16 bit ProPhoto RGB and make the conversion in Photoshop to a narrower space, then you have complete control over the rendering intent and related settings. However, this way of working requires some idea of what you're doing.
Once you've put an image in a colour space, colours outside that gamut of the colour space are lost for ever. If there were colours outside that gamut in the source colour space, how the conversion is made depends on the rendering intent (indeed, colours inside the gamut of the destination space are shifted if you use Perceptual). If you work with a typical photo quality inkjet, especially a 6 or more ink model, it will be capable of printing some colours outside the sRGB gamut, and an all sRGB workflow removes that opportunity.
Like many workflow issues, it's down to the photographer. If you shoot a lot of school photos or similar under controlled conditions, and they're printed by a lab that takes sRGB files, then shooting sRGB JPEG with the appropriate white balance and other in-camera parameters, such as sharpening, set makes sense. There's no need to post-process all those images - that's just a waste of time and money if you can get things right in the camera.
My photography is more artistic than that. I usually shoot RAW and work in 16 bit ProPhoto RGB in Photoshop (and yes - I am aware that I can't see many of the colours on screen in doing this), then convert in Photoshop to the desired destination space and bit depth.
I accept that there is an argument to keep everything sRGB because it's simple, but I believe it is worth getting to grip with rendering intents and considering the use of wider colour spaces when they are appropriate.
David