Adobe vs sRGB debate

Both of these images look identical in photoshop, very similar when viewed in windows photo viewer. But they look very different when viewed in picassa.

One is saved with Adobe RGB profile, one is save a with sRGB profile. The conversion was done in Photoshop from Adobe RGB to sRGB using Adobe ACE and relative colour-metric.

ADOBE RGB
ADOBE RGB
sRBG
sRBG

As you can see the image with the Adobe RGB profile looks more desaturated and flat, whereas the image saved with the sRGB profile matches the image I see in photoshop much more closely. I have tested this in Chrome Browser (Windows and iOS) Internet Explorer and Safari.