If you haven’t already read his post, take a look at artist David Rouke’s discussion on Color and Color mixing at his blog All the Strange Hours. The first time I heard people discussing Munsell Color Theory and the workbook in class I didn’t say much even though I was very curious. But I went home and googled it and was extremely impressed with the system.
David lays out the disucssion of how Munsell’s system works:
Rather than a color wheel, Munsell is built around a three-dimensional color space. This space takes the shape of an irregular cylinder. Munsell uses three properties of color: value, hue, and chroma.
If you are interested in the workbook checkout this link for the Munsell’s book. Amazon currently has 7 used sets if you can not afford the $64. Make sure you read the description closely since many students have used the workbook and turned it in for their grades.
Correction: Apologies again over the name mix-up David!