For those interested in this topic, I found minutephysics' treatment of this subject to be really pleasant and easy to grok. I had a talk I gave at work once or twice discussing color conversion and I would play a 90 second snippet from this (attributed appropriately) as it would very quickly crash course people on the reasoning behind an EOTF in a really cute and layman's terms kind of way:

https://www.youtube.com/watch?v=LKnqECcg6Gw