This link will explain color temperature
http://en.wikipedia.org/wiki/Color_temperature
You didn't mention what your product is giong to be for??
>And if the color correction work is being done on a monitor of different color temperature to that of the audience, I'd be interested to know why?<
If your product is for consumer consumption like DVD use a decent tv that can be calibrated with a pluge pattern for color correction via component or HDMI, if your product is for Broadcast/cable use a good brodcast monitor(expensive), to get video out for viewing you ca use a product like BlackMagic Design's Intensity or IntensityPro, or a Matrox MX02, relatively inexpensive, trying to view a computer overlay on a tv monitor could result in iffy results
