Sorry about the Pro/Elite mixup!
Rec 709 is the HDTV standard; sRGB is the computer standard, the colors are similar but there are other differences between the two standards.
Run calibration, then profile for whatever standard you need for your intended distribution. From all the questions I have asked about this issue, if you are intending to display NTSC on a CRT you need a scan converter and a broadcast monitor to grade. If you are creating programing for the web create an sRGB profile, you are set, for HDTV you should be OK with REC709 profile,according to Jon Rofanno. Check out some past posts to learn more.
Good luck!
M
Malcolm
http://www.malcolmproductions.com
