I noticed that clicking this box in Looks/Gamma with the Indie box also clicked gives a nice monochrome image, and goes to color when the Indie is de-clicked. But the question I have is this; what exactly are we looking at when ACES Proxy is invoked?
EDIT:
I posted this question up on CML also and got a response from an engineer working with the Academy for the coming V1.0 rollout at NAB 2015. His comments were:
"ACES proxy is a log encoding like Cineon or REDlogFilm, with wide gamut color primaries. It should look low-contrast because it's log and low saturation because it's wide gamut. The expectation is that an ACES proxy signal pipes into a LUT box or monitor which can apply the RRT/ODT for proper viewing on a 709 monitor. For final viewing, you will want to apply an Output Transform (RRT+ODT) using the BM HDLink with Pomfort Live Grade or Resolve etc. There should be more range in an ACES proxy image than REDlogFilm. ACES proxy covers the linear range from ~0 to just over 700. REDlogFilm covers the linear range from ~0 to just over 13. Of course, if the camera can't capture values over 13, ACES proxy isn't helping."
Good info about a feature in the latest build that is not well documented or explained.