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OpenColorIO
OpenColorIO is Sony Imagework's open source colour management framework geared toward professional visual effects and film work.
Strengths [Weaknesses]
Theoretically Universal
OpenColorIO is a system-wide colour management framework, meaning that applications can incorporate it and benefit from the ability to open files without colourspace conversion.
Weaknesses [Strengths]
Niche
It shouldn't be, but careful colour management is actually a niche technology. Few applications actually leverage OpenColorIO, and fewer of those are open source.
See Also
MakeHuman
K3d
Kdenlive
Lightworks
Natron
Synfig Studio
Mitsuba
Luxrender
Yafaray
povray