Along with the latest Camera Raw update (v4.5 - August 1st 2008), Adobe Labs is releasing new camera color profiles. While older profiles ACR 3.3 and 4.4 practically had no changes, the latest ones are much more interesting.
You can download them from here: http://labs.adobe.com/wiki/index.php/DNG_Profiles
As an example, look at how the dress and skin tones and contrast change when applying the new Portrait and Neutral profiles. I can't say one profile is better than another as it all depends of your image. But it offers you some pretty useful quick color adjustments before going into details.
These profiles are somehow similar to what Canon calls "Picture styles".
It's just another new feature in your arsenal Feel free to experiment with it.