When it comes to colourspaces, I process in LR, and so as we all do when using that program work in it's internal colorspace of ProPhotoRGB with linear primaries. If I have to work in Photoshop, and I know that I will also be processing that file further in LR later I will stick with 16 bit and use ProPhotoRGB for minimum colourspace conversion. Final output will usually be a JPEG in sRGB for posting on the web, or possibly in a printer space for upload to the pro lab that I use for printing, where they have provided a profile, but do not do profile conversion for you.
Since the OP didn't say whether he is doing his Raw processing in LR or ACR, and to avoid any confusion, it should be noted that the internal workings of LR/Develop and ACR are identical, including the fixed working space. The only difference (and it is confusing) is in the preview data sent to the monitor and used for the histogram. In LR it is in a hybrid space called Melissa RGB (unless soft proofing is on) and in ACR it is in whatever space you have set as PS's working space (unless you change it in the blue link in the center of the bottom margin.)
@jack880
Also, what colour mode should I be using? sRGB IEC6:1966-2.1? Or the profile for my monitor? Up until now it's been set on adobeRGB (1998)...
Never your monitor profile. That is unique to your monitor and using it in an image file (rather than a universal ICC space) could cause everybody you share the photo with to see it improperly rendered.