What your camera calls "Adobe RGB" in Photoshop is "Adobe RGB (1998)." The question of which color space is "best" isn’t really the exact way to look at it. The choice of a color space depends on a number of factors. At the risk of providing too much information, a short list is:
The image source (camera, film, illustration art, etc.)
The editing environment (your monitor and editing software) The output environment (video, web, print, press, etc.)
How well your devices are calibrated
How much you understand about color management
Pro Photo RGB is a very large color space. For most kinds of imaging, it is too large. As mentioned, it can result in posterization when editing images that aren’t 16-bit depth. It also creates all kinds of problems going to print media, which have a much smaller color space. My advice is to stay away from it until the point that you know what you are doing with color management. It will become obvious to you that it’s the right thing once you reach that skill level. In doing professional editing myself for seven years now, I still haven’t found an image where I need Pro Photo RGB. But I have heard of situations where it has been of benefit.
Even the choice of Adobe RGB can cause trouble because most monitors can’t display all the colors it holds. While it’s very good for general-purpose editing, if your images have saturated colors in them you will eventually encounter images where you can’t figure out why your edits don’t produce the prints you want. It usually means your monitor can’t accurately display the colors you’re trying to adjust. If you deal with mostly neutral colors and flesh tones, sRGB is just fine. If not, you’ll need something that encompasses more colors.
The best general advice is to choose a color space that includes all the colors in the source image without clipping them, but not much larger than that, unless you plan to radically alter the color saturation for artistic purposes.
A very good treatise on color space selection is the late Bruce Fraser’s "Out of Gamut: Exploring Wide, Open (Color) Spaces" at <
http://www.creativepro.com/story/feature/8582.html>