No offense taken, I assure you.
To answer:
Is all this in the end causing loss of gamut and no real benefits?
Well, if you do G7 correctly, it shouldn't necessarily decrease your gamut.
What I meant when talking about leaving gamut on the table is that achieving maximum gamut is not part of the G7 routine. You can G7 a machine, but nothing in the process requires you to set the ink limits to achieve maximum gamut. I'm not implying that you can't do it. But only if you -- or the three-day "expert" you hired -- know how. What you can do is achieve way less than optimum gamut and inking characteristics and still pass G7.
Are the grey balance claims of the G7 proponents with regard to profile
efficacy improvement little more than snake oil?
Honestly... Yes.
There's much more to it, and there'll be more in the video. But G7 is a technique that was developed to address a specific issue in offset lithography years ago when plate-making was an analogue process. It's an issue that never even existed in digital printing.
The fact is that G7, as originally envisioned and in its original release was designed to be used as a standard calibration routine on offset presses, so that they could then run standard profiles, e.g: GRAcol; SWOP, and avoid the profiling process altogether.
Once you make an ICC profile, it is the profile that tells the RIP what dots to generate, rendering G7 as just another form of linearization. Done correctly it works fine, but it has no particular benefit over any other linearization.
In fact, one of the most robust linearization routines in any RIP is the one in Ergo. You do that right and no way you're gonna beat that with G7.
And if you're asking, sellers of G7 have been making the claim of late that using G7 makes profiles "last longer" which is absurd.
Profiles last forever. Machines either drift... or they don't. The components of how a profile was made do not change that at all.
Mike