I used this to great effect in edge detection because the Lab color space is based on eyes. Just changing images from RGB to the Lab color space increased the accuracy of edge detection (particularly for red/green items) by about 7%: http://austingwalters.com/edge-detection-in-computer-vision/
Further, I used this color space to design a super accurate fiducial marker (and QR code)[1], that can be used to store a lot more information, easier to track, etc.
I believe the grad student I was working with was going to publish a paper at some point. For what ever reason I wasn't involved with the paper and the paper doesn't appear to be published yet.
The HSV color space separates out hue and saturation, which helps remove the background noise, but it would have trouble with overlapping circles or circles where red and blue say mix to make purple. Converting to the Lab space would actually help distinguish overlapping colors as well.
Here's a link to my work: [1] http://austingwalters.com/chromatags/