I've used Colorista II, Speedgrade, and Davinci for a project. Each have pros and cons.
Colorista II Pros:
*Keeps you inside Premiere Pro
*Can help for a fast turn around, as you can still modify the edit of the base files while you do color.
Cons:
*Not real time. Good luck with editing afterwords.
*Controlling this with a mouse sucks. Its so touchy.
*No color management in Premiere Pro. You need to have a calibrated sRGB monitor or an external monitor through an output card.
Speedgrade cs6 Pros:
*1 click Send to speedgrade is good for a quick workflow.
*High level of control in your image. Also you can save looks and apply them later to save time. No copying and pasting effects in a certain chain order.
*real time performance if you have the right hardware
*If you have a monitor .icm, you can convert that to a LUT and have accurate colors without the need for an external monitor.
Cons:
*Workflow issues if you don't want DPX, and your video isn't in a QT container
*Need high Disk IO to do DPX sequence
*lack of support right now because the application is so new to Adobe. look at all the unanswered questions in their forums.
*Only Quadro SDI is supported for external monitoring
*Output is limited, and Quicktime almost always has gamma shift. Don't forget to check the color calibration checkbox when exporting to a QuickTime container.
Davinci Pros:
*FREE!
*very powerful color correction (Different from Speedgrade, but both achieve awesome looks)
*Better support since a lot of people have been using this application for a while now.
*New version streamlined for new people to jump in.
*Supports AAF export, which will retain most of your editing and transitions when you bring it into Davinci.
*If you have a monitor .icm, you can convert that to a LUT and have accurate colors without the need for an external monitor.
Cons:
*Probably the toughest workflow in your situation because there is no easy round trip for Premiere Pro.
*DPX is what you'll be passing around most likely, and you'll need a fast RAID/SSD for RT playback.
*Archaic Database system is still in place. It's not designed for a single user system.






