I have to disagree. Even though DVCProHD uses 4:2:2 color subsampling providing twice as much color information for each frame (compared to AVCHD) the typical color correction tasks will not benefit from this at all (unlike other kind of processing like applying diffusion and other types of filters, chroma keying etc).
Plain color correction alter the color of the pixel without taking into account its neighbours. So it's only the dynamic range (bit depth) that really matters. Both DVCProHD and AVCHD have 8bit color. 10bits would be soooo nice...
That's one of the reasons it's very important to carefully set the white balance and camera settings to get the right color out of the camera (before the color information is truncated to 8bits) instead of adjusting it in post.
Good points. I've been burned before shooting tungsten white balance outdoors and you're right: fixing it in post "just ain't the same"