I think Dan Margulis rates the composite curve up there with the histogram for being close to the 'spawn of all evil'...but it may not be all that bad for others.
LAB does not have a composite mode - as it is a split luminosity/colour space, having a composite would not make sense (that's what RGB is for).
If making an edit in normal blend mode with the composite curve, colours are not in balance when the composite curve is pulled and the weakest channel will take a hit, changing hue. If I use the composite channel curve, it is only in a LUMINOSITY blend adjustment layer, otherwise it is separate channel curves in normal mode (or perhaps luminosity if colour is close and I want to tweak the contrast as much as possible in each plate).
It is not so bad in RGB working spaces (where R=G=B and there is no K channel), but in CMYK it will throw off the gray balance and the K plate.
Even Don Hutchenson is in agreement with Dan Margulis on this point - and these two never seem to agree with each other! :)
"Tone adjustments made equally to all four channels of a CMYK file can easily distort the precise ratio of
CMY needed to create a neutral gray on press, and serve to lighten or darken the black printer at a
completely different part of the tone curve than the three colors."
http://www.hutchcolor.com/CMS_notes.html (taken from Don's RGB Arguments PDF).
More on curves, levels and colour correction can be found at my link to other links:
http://members.ozemail.com.au/~binar...V_links.html#C
Hope this helps,
Stephen Marsh.