Hypothetical tetrachromacy has been demonstrated, that is, M and L cones with minor differences in peak spectral response existing in a retinal mosaic. The question arises whether this difference is capable of being propagated through the bipolar connecting neuronal paths (which form the "blue-yellow" and "red-green" channel paths conveying color info to the brain visual cortex).
Several studies found no evidence for a "fourth channel", and some perceptual studies did not show confirmation of tetrachromacy. However a couple of studies do hint at rare female subjects who do seem to have good evidence for this trait.
It is postulated that because of the differences in the exact genetic encodings on the 2 X chromosomes in females, that up to 50% of women have a retinal mosaic of 4 populations of cones, S M M' L, S M L L', and so on. The theory is that this allowed greater distinction of yellow to red color distinction which may have helped survival by avoiding toxic plants based on subtle color distinctions.
In art, there are great colorists and those who are virtually incapable of subtle use of color. If anyone interested in finding out about their own abilities, check out: http://www.xrite.com/online-color-test-challenge
The on-line test is only a rough estimate, but it's fun and challenging. I suspect there's a spectrum, aka normal distribution of color discrimination ability. I should't say how well I did, though the results of trying it several times were remarkably consistent despite different computer systems that I used.
BTW I encountered one very intriguing article reporting on a large sample of retinas obtained post-mortem. As expected, ~50% of females showed retinal mosaic of 2 M or L cones where only one each was expected. Most fascinating was the fact that of male retinas 8% showed a similar tetrachromat pattern. How that could arise is a mystery considering males have only one X chromosome. (There are pigment gene variations with greater number of CNV and TR which could be activated? But it's still a mystery.)