Are you talking about profiles or colour space. The two are different.
A profile is device dependant, i.e your monitor or printer, paper ink combination. A colour space tends to be a recognised standard, such as sRGB or Adobe RGB. If it's the later your asking about, I'd suggest you opt for sRGB.
Why? well most devices, such as printers and monitors , work within the sRGB parameters. using a colour space larger is really a waste of time if your devices can't see the extended colour range. Working within a larger colour space than you can view or print can give anomalies in the final result. Switching form one to another in Photoshop probably won't show up on your monitor as the colour management engine within Photoshop will reduce the difference on the monitor screen.