Recently, we talked about Ubuntu 11.10's interesting additions, among which, colord stands brave.
That first implementation was quite immature, meaning colord was pushed into the main repos, then a new entry, "Color", was created in the System Settings.
"Color" was (and still is) a work in progress, nevertheless, introduced a few unusable options, like profile, calibrate, but the app was unable to detect hardware.
New updates have landed in Oneiric Ocelot, bringing changes in how and what "Color" handles: this color calibration app is designed for a wide range of hardware, not only webcams, printers, etc but monitors as well.
At the moment, is unusable from an actual action point-of-view (lacks the ability to apply a color profile), but has started to detect hardware components and their statuses ("Uncalibrated", Not specified").
Probably the next updates will bring some probably predefined color profiles.