Very interesting question.
And my short answer to it is that the fundamentals, although a good start, are not enough in the end. If you want to be VERY good that is. You will still be able to do very decent work without a super duper academic knowledge of colors because you will pick up some of that knowledge while shooting. If you are not blind. I didn't study color until I had 15 years of photography behind me. 15 years of 89% B&W and I was not impaired by my lack of knowledge but, then again, I was working for the printed media and so there were built-in limits to the quality anyway.
When I finally studied/learned colors my images definitely changed.
But, let's be honest here, the importance of color rendition is directly related to the type of photography you are doing.
I once had an interesting exchange with overread, if you know who he is, about the value of correct exposure versus the value of correct colors. overread does macro of insects and such and we talked about how the correct exposure is only so good as the colors of the animal are. Of course my point of view was only valid if you are shooting for an encyclopedia for scientists who identify animals by looks alone. If you are shooting for an encyclopedia for scientists who work more with life styles, the correct exposure may be more important.
Another way to put it is what I say when people mention shooting art works. Although I am both a painter and a photog, I do not shoot my own paintings for some catalogs. I just can't do it. Hell, yes, I'm not good enough.
Now, color accuracy is not that big a deal in B&W. What is is the right/correct placement of a certain color value within an image and color understanding is a big help. I have a couple books on the subject which I haven't looked at in years but keep anyway because, who knows?
As mentioned by Compaq, a red and a green could be rendered indentically in B&W. But that is forgetting that there are hundreds of greens and hundreds of reds. A color is way more than just a color. It is also an opacity value. It is also a reflectivity value. Etc.
Hope I'm not totally confusing you.
