Doesn't seem to do anything. The labels for the in- and output color profiles say the default is sRGB. But if i convert a CMYK TIFF file into a RGB JPEG one, it still has the TIFF's ICC profile, according to XnView itself. In fact: if i open the generated JPEG in Photoshop, it tells me the embedded profile is faulty.
So here's my take:
If no input profile has been specified, it should look for a profile embedded in the image.
If it does find one, use it, unless "ignore embedded profile" is checked. If it doesn't find one, or "ignore" is checked, it should use the default sRGB profile.
If an output profile has been specified, it should be used. Otherwise use the default sRGB profile.
So, how's that?
Get the bugs fixed, THEN start adding features. It sucks, but someone has to do it.