Lens correction data.

Hello.

Is the lens correction data stored in the lens or as a database in the camera body?

It's stored in the camera. Here is a good article describing how it works:

http://cpn.canon-europe.com …camera_lens_cor​rection.do

Thank you.

From that I can conclude that the correction profile is generic as opposed to lens specific empirical data.

Generic in the sense that every lens of a certain model on a certain camera body is corrected in the same way, yes. To have a correction for every individual lens/camera body combination would require the end user to do something akin to MFA, but much more complicated.

Of course, Canon only provides profiles for its own lenses. Other sources, such as Adobe, have profiles for many, many more lenses, and I doubt that they are of lesser quality than what camera manufacturers provide.