Q about monitor profiling

I just ordered the Dell 2707WFP LCD and some reviewers have indicated it might not be good for serious photo work. I've read of the ColorMunki, and am planning to use this to profile the Dell (and my 3800).

My question is: How does profiling software make corrections to the monitor? Since the profiling software can't access the monitor directly (Is this what an HDMI input allows?) (which the 2707 does NOT have), do video drivers utilize a profile file like a printer does?

The 2707 does have individual RGB controls -- could they be accessed by the proflling software? Any explanations or clarifications on this greatly appreciated!

Also - I'll be using this on Mac OS X 10.4.11 using LR 1.4.1 and PSCS3

=Alan R.