The biggest problem with any system is getting the printed image to match the image on the monitor screen.
Adobe ICC Colour Profiles used in Photoshop are used in commercial applications to ensure a colour match across a wide range of input and output devices, including printing presses.
They should not be used by most home users, except for scanning devices and only where the manufacturer actually supplies an appropriate ICC profile, or a corrected monitor profile adjusted using the Adobe Gamma Correction routine. Keep it simple.
Another exception is when using images stored on Kodak Photo-CD, where you cannot continue to load an image unless you choose the appropriate ICC correction. In fact some of my own older Photo-CD's do not match any of the available choices, and then it is down to experimentation.
I found it simpler and more effective to initially adjust the monitor settings (or failing that, the AGP card colour adjustment) to match the test print supplied with Photoshop once Photoshop has been installed with the default options. Follow this up by running the Adobe Gamma Correction to subtly adjust the mid-tone and grey-scale level and save the new monitor ICC profile. For my own settings see the Colour Correction page under Monitor.
Important:-
For users of Epson "ColourLife" paper please also see that web page or use link below for additional information on a special ICC profile to be used only with that paper.