Color space is an area of colors which sensor can capture. The entire color space is spectrum of colors which human eye can see and is defined with CIE (Commission Internationale d'Eclairage) color model diagram.
Minolta Dimage 7 captures image in it's own color space which can be converted in any of other color spaces. As screen works in sRGB only, Minolta suggests to use this color space as default. When converted, the pictures appear more saturated as originals so lot of users use unconverted files, or rather, the Adobe RGB color space. Who wants to work more seriously in graphics, uses independent LAB color profile which works in any color space without changing the color range.
Here is a CIE diagram of sRGB and Minolta Dimage 7's color spaces. As you see, the TIFF color space is still shorter as RAW color space.
When color space of picture is changed, the picture on screen appears as is showed below.
|Color space: original
Dimage 7 image
||Color match RGB