We looked at an images RGB, CMYK, and Lab channels using Photoshop.
Students converted images from RGB, to Lab and then subsampled the a and b components so that they were a mere 1/36th of their original sizes. The results were surprising good in most cases.
In these images 35/36ths of the colour information has been discarded. Look closely to see the impact of this.
Original PNG.
Subsampled Colour.
If you were on holidays and paying roaming fees to upload the picture you would would pay 3.00 for the full quality picture, but only 1.05 for the low quality.