for those that use LR, you have no choice in the colourspace that is used internally for processing images. LR uses it's own specific colourspace, which isn't totally available in any eternal editor. If you are going to have to edit in PS or another application, and you might then want to go back and perform additional edits in LR, that will require changes to colours, then it is best to use 16 bit ProPhotoRGB as your editing colourspace in PS. By doing this you will only be changing the gamma curve, the colour primaries will remain constant between the programs. This is the least amount of change possible.
If you are dealing with exporting a RAW file from LR as a finished item, the image doesn't actually get assigned a colourspace until you export the file. So as long as you are using an appropriate colourspace for the intended final use you are good to go. If that is going to be a JPEG for web use then it will have to be 8 bit (standard JPEG only supports 8 bit) and you should use sRGB. If you are printing direct from LR to a printer then you will use whatever the appropriate profile for your printer/ink/paper combinations is. For other files for printing you should use whatever colourspace the printing service tell you to use. This last can be quite difficult at times, or they just won't mention it, in which case using sRGB is probably the best option, if any colourspace is ever assumed it will usually be sRGB.
My usual workflow is shoot RAW and process in LR. As well as the RAW processing I use LR as my do everything photographic program. I always apply keywords etc to make finding images very easy. About 97% of my images are processed only in LR, and stay as RAW's until I need to export an image for a particular purpose. The approximately 3% of images that need processing in PS are done as 16 bit ProPhotoRGB PSD's, which are included back into the LR catalogue for final output processing. I only create an output file when I have the need for them, once they have been used they are deleted. Files that are sent to the pro labs that I use get the lab provided colourspace in a Quality 80 JPEG. If there is no specific profile for the medium then the file is sent as sRGB. All files for web use are again saved as a sRGB JPEG file of appropriate resolution. Since the LR export methods (including direct printing, or print to file) use the PPI value as part of the algorithm to calculate the exact amount of output sharpening to apply, as well as the specifically defined parameters, I always set the PPI value to match the correct final output value. For screen use that is usually 100 PPI which is about right for most monitors, at least up to 1080P resolution. For printing it will be whatever the printer will be printing at, based on file resolution and print size.
Please note that my advice is based on using LR as the main application for image processing and output generation. If you are using a different workflow, different advice would be appropriate. I think a big part of the problems with this subject is that specific workflow options can make a difference to what would be the most appropriate choices.
Alan