Gamma is basically a logarithmic light correction. It is a digital reflection of an original analog process. Color correction is a much more intricate and subtle thing. Digital cameras have color bias (for example, they tend to like red, a lot, while film liked greens and blues). Color correction makes sure that the colors that come out, can be accurately correlated to the ones that came in. You can also do some cool things, by remapping into different color spaces (a lot of image processing is done by changing the data to a new color space, and playing with the channels).
We’re talking the viewfinder, so it is latency. It is also FPS. The viewfinder can be slightly relaxed, but pros will want the viewfinder to be highly representative of the final outcome. Latency is critical, because they use the viewfinder to make the decision when to snap the image, or set the scene.
The final output can be slightly more relaxed, with post processing in a buffer. Video makes that a lot more intense.
That’s why you have a limit to how many frames you can have in a burst. They get fed into a buffer, for post processing.
Another big advance will be true electronic shutters. I’m not sure we’re there yet.