There has been some more feedback from madVR Labs.
They have found more issues associated with the 256^3 LUT Upload, and have generated an updated dll for ColourSpace, as well as fixing the firmware in Envy.
To quote Mathias' own words
"Sorry once more for the bugs, and please feel free to officially blame me for these issues.
"The next release of ColourSpace will have the required new madVR dll included, and with the Envy firmware update all should then work as it does with madVR HTPC.
Steve
Steve Shaw
Mob Boss at Light Illusion