I followed the tutorial "Cutting Class: The Joy of Coloring" on Digital Juice DJTV an tried it on some of my footage, which I took during a journey to Australia and Dubai.
In the rectangle you can see the result of the color correction. The changes I made were only very minor and mainly just the adjustment of contrast and luminance.
My original footage was already pretty good, as I adjusted the white balance before every single shot.
My camera was a Canon HV10, I use Sony Vegas 7 Pro