There aren't so much "tips" on color correction as just general advice. Mine would be to get a good understanding of color itself before you try to color correct. You can certainly get there through trial and error, but you might pick up some bad habits along the way.
Years in college studying art, color design, and taking color theory classes?
Besides that, I'm still a noob.
So what would you say is the most important thing about CC?
I guess it's about the feeling a color can represent. The subliminal suggestions a director or editor is trying to convey? And how some colors can actually clash with each other, playing the analogous/ complimentary color schemes.
I mean, aren't there just "cool looking" color choices as well?
or should you always be thinking about what it means? I guess you should right?
Phil, you’re kind of asking “OK, I’ve got this canvas and these paint tubes, now what do I do?”
I’m not talking about years of art training when I mean to learn about color. I mean it pretty scientifically – how color behaves, how it works . . . when you manipulate color, you’re doing it for artistic effect, but you have to know how color works before you can know what to do to get it there. Color follows physical rules. Learn those rules and you’ll learn how to make it do what you want.
On the VASST site there are lots of color correction tips/techniques/tutorials. A new one went up yesterday on repairing exposures. http://www.vasst.com/login.htm
There's way too many things to think about when color correcting footage. When I first started, I just went for the cool looks, but I realized that no one in their right mind would want to watch a movie with horrible red tint over a ghost. So that was out. Now I color correct and try to think about it more. What's the mood of the scene? What colors shouldn't be represented? Is this indoor or outdoor? If so, do I need to change my saved settings to suit it? Brightness\Contrast? Editors have a lot on their hands, and I don't even direct the shorts I edit, I mainly just act, write, edit, and score. So when my friend Joe is there, he can tell me the mood and how it should look, and since I'm the editor, I know my way around it. So just keep those things in mind, and just remember, it's easy to stay true to the shot, but you need to stay true to the scene.
Just as an FYI, Ultimate S has some color correction presets that are good starting points for several OOPS types of shots where white balance wasn't part of the production or lighting went weird.