LUTs in Vegas pro16

[Globe]

Hi Alistair and all,

As a new FS7 owner and having previously worked mainly with the A7S and ENG trype cams like the PXW 550, I'm trying to get my head around the concept of LUTs. I've downloaded Alistair's LUT collectiomns and started off with some test footage in CINE EI, SLOG3. My first choice was the film LUT zero, and my question is this:
Is that / your LUT mainly a tool to bring the footage back into the 709 color space, and users are supposed to grade from there? Or is it a complete package, treating contrast, saturation etc?
Using Vegas' LUT plugin, I noticed that I need to further adjust contrast etc to make the LUT really shine.
I'd be greatful if you could clear that up for me.