OK, I thought I'd go ahead and put this to the test, because, frankly, I've never tested it before and I was curious as to whether or not there was any validity to the claims made in the OP.
I wanted to see exactly how much of an effect on an image converting from RGB to LAB back to RGB has. To this end I took the following steps:
1) Opened an 8 bit RGB image in the AdobeRGB colourspace into Photoshop
2) Took a crop from the image to make the results postable in here
3) Placed 3 colour samplers in the image over different regions of colour and luminance
4) Created a snapshot of this state and named it "Original - no conversion"
5) Converted the colour mode from RGB to LAB, performed no modifications, then converted back to RGB again. I counted this as one conversion. I repeated the process for a total of 2 conversions and created another snapshot
6) I went back to the "original" snapshot and recorded an action whereby I converted from RGB to LAB and back 10 times. I used this as the basis for creating a further series of snapshots
7) I then proceeded to create a series of snapshots that stored copies of the images that had been through the following number of conversions - 0,2,10,20,30,40,50,100,200
8) For each snapshot, I made a note of the RGB colour values for each of the 3 colour samplers in the image, and also made notes on the subjective appearance of the image after x number of conversions
9) I created a new image from each snapshot, converted the profile to sRGB, and exported it as a jpeg with a quality setting of 79, the abridged results of this you will find posted below. As an interesting point of note, the filesize gradually increased from the original to the 200 conversion image to the point that the original was approximately half the size of the last image in the series, the reasons for which ought to become fairly apparent when viewing the images.
I drew the following conclusions from this test: the conversion of an image from the RGB to LAB to RGB colour models is a "lossy" process as was already established by a number of leading experts in the field. However, under normal, or anything approaching reasonable circumstances, this lossiness is so minute as to be invisible. Over progressive conversions of the original image, the results of this lossiness begin to manifest themselves. Subjectively this loss takes the form of a slight hue shift, and the progressive introduction of a film-grain like noise - at extreme numbers of conversions this grain develops the characteristics of fine chroma noise, and inspection of a 100% crop will reveal this quite readily. Viewing at less than 100% masks the issues significantly. However, and this is also subjective, the quality of the degradation is such that it may be likened to a degree of mild analogue distortion in recorded music - that is, the effect itself, while noticeable, does not necessarily have a displeasing appearance, especially when compared to other problems that plague images such as jpeg artefacts. Furthermore, in my own personal workflow, I do not recall a single time that I have ever converted back and forth between colour models more than 4 times at maximum. The average per image I would say is closer to 1 or 2. To achieve the results you see at the extreme settings would require either going through a deliberate process such as I have done, or being the proud owner of the most haphazzard, unproductive post-production workflow on the planet.
Anyway, the best thing that you can do is to draw you own conclusions. At the bottom of this post you will find the corresponding values for each of the 3 RGB colour samplers that were placed in the image. I chose to place them together rather than under each image, as I feel it makes for better comparison between the data.
So, without further ado, on to the pictures (title above each image).....
Original Image - zero conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
2 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
10 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
20 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
50 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
100 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
200 conversions
| HTTP response: 404 | MIME changed to 'image/gif' | Byte size: ZERO | PHOTOBUCKET ERROR IMAGE |
RGB colour picker values. 3 columns of 3 numbers. Column 1 represents colour picker 1 and so on. x,y,z represent the 8 bit R G and B values respectively:
232,211,200___91,77,52___173,132,72 (0 conversions)
231,211,200___91,77,52___172,131,72 (2 conversions)
233,210,199___91,76,52___173,131,73 (10 conversions)
231,210,198___90,76,52___173,132,73 (20 conversions)
230,209,195___91,76,52___173,132,73 (50 conversions)
229,211,193___91,79,53___177,129,68 (100 conversions)
232,210,194___88,80,53___178,132,72 (200 conversions)
If anybody wants a copy of the PSD that contains all the conversions on their own layer, just contact me and I'll freely make it available to you.