This is a small group node which reproduces the color balance ASC-CDL node without the limitations of the current UI. It's quite handy to use this way as you can select 3 sliders in one clic&drag and then enter a value on your keyboard or move horizontally the mouse (use shift as a modifier key to do smaller increments). It is based upon the documentation provided by "The American Society of Cinematographers" about the "Color Decision List", and it adds the desaturation parameter of the 1.2 release. Please if you have a look inside the nodegroup, do not modify the values in the math nodes as they are precisely conforming to the documentation.
If you don't know what does the ASC-CDL, please have a look here
If you don't feel the need for this node, please have a look here
You can use this node to bypass the limitations of the current implementation of the CDL node (found as part of the Color Balance Node) for more info see: http://blender.stackexchange.com/questions/55231/what-is-the-the-asc-cdl-node
ohh i see, correct me if im wrong: this node gives you more control over the color balance ASC-CDl correction formula?
Yes that's it. I will add the link of cegaton to the description plus a few others.
sorry for yet another question, but how i would go about using this node? i imagine is used in the compositor but what values should i tweak and what are the max and min ranges for those values (for example: shouldnt go over 1.2 or below 0.8)?
It really depends of how you lightened your scene and the look you want. For a kind of "studio" render, I would use some quite large areas lamps with a strength of around 30~40, use the false color look from the bassam-test pack made by troy_s to help yourself setting the lights, and chose Wide Dynamic Range View. If you don't use this colormanagement pack, you will not have the good result. Then I would crank up the 3 RGB power sliders up to 2.3~2.4 and tweak down the 3 RGB slope sliders to 0.3~0.4. Read the link I put in the description, everything is here :-)
sorry for the ignorance, but what can you do with this node?