1. A method for processing and rendering image data on a target display through a set of levels of metadata, said metadata being associated with said image content, the steps of said method comprising: inputting the image data; ascertaining the set of levels of metadata associated with the image data; if no metadata is associated with the image data, performing at least one of a group of image processing steps, said group comprising: switching to default values and adaptively calculating parameter values; if metadata is associated with the image data, calculating color management algorithm parameters according to set of levels of metadata associated with the image data.

2. The method as recited in Claim 1 wherein the step of ascertaining the set of levels of metadata associated with the image data further comprises: decoding the input image data to recover image data and associated metadata.

3. The method as recited in Claim 2 wherein the step of decoding the input image data further comprises: splitting the input image data into an image data stream and a metadata stream.

4. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: determining if the source image data has been color graded using a first reference display; predicting source image data content, if said source image data content has been color graded using a first reference display, based upon at least one of a group of metadata parameters, said group comprising: video encoding parameters, source content gamut parameters and', 'environmental parameters.

5. The method as recited in Claim 4 wherein said video encoding parameters comprises at least one a group, said group comprising: primary coordinates used to encode source content, white point coordinates used to encode source content, minimum code value, maximum code value, response curve for at least one primary.

6. The method as recited in Claim 4 wherein said source content gamut parameters further comprises the color gamut of the reference display used to color grade the source image content.

7. The method as recited in Claim 6 wherein said source content gamut parameters further comprise: primary chromaticity coordinates, white tristimulus values, black tristimulus values, coordinated values for maximum and minimum luminance levels.

8. The method as recited in Claim 4 wherein said environmental parameters further comprise one of a group, said group comprising: the ambient light conditions at the time of color grading the source content, the reference monitor surround color, absolute black value for the reference monitor, color temperature of the ambient light during the time of color grading.

9. The method as recited in Claim 4 wherein the step of predicting source image data content further comprises the step of: applying a substantially best fit curve to image data

10. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: dividing the luminance range of source content into luminance regions

11. The method as recited in Claim 10 wherein the step of breaking the luminance range of source content into luminance regions further comprises: calculating a histogram plot of at least one image of the source content to determine minimum, footroom, midpoint, headroom and maximum image data values of the at least one image; breaking the luminance range of the source content according the minimum, footroom, midpoint, headroom and maximum image data values

12. The method as recited in Claim 11 wherein the step of calculating a histogram plot further comprises: calculating a histogram plot of a video scene

13. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: determining if the source image data has been color graded using a first reference display and using a second reference display; changing image data mapping using the parameters of the color grading using the second reference display.', "14. The method as recited in Claim 13 wherein said step of changing image data mapping further comprises: providing a linear mapping if the target display's capabilities substantially match the capabilities of the second reference display."15. The method as recited in Claim 1 wherein said method further comprises the step of: communicating target display metadata an image processing block; changing the image data to be sent to the target display based upon said target display metadata

16. The method as recited in Claim 15 wherein said target display metadata comprises at least one of a group, said group comprising: target display screen characteristics data, target display ambient environment data and user preference data

17. The method as recited in Claim 15 wherein said image processing block is located at the source image encoder

18. The method as recited in Claim 15 wherein said image processing block is located as the CM parameter generation block

19. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: identifying regions within an image comprising protected colors; and if said regions having protected colors are found within an image, passing the image data of said regions onto the target display for rendering.

20. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: identifying regions within an image comprising salient highlights; and if said regions having salient highlights are found within an image, clipping the image .

21. The method as recited in Claim 1 wherein the step of calculating color management algorithm parameters according to set of levels of metadata associated with the image data further comprises: identifying regions within an image comprising out of gamut color; and if said regions having out of gamut color are found within an image, scaling image back into gamut.

22. A system for decoding and rendering image data on a target display through a set of levels of metadata, said metadata being associated with said image content, the steps of said method comprising:', 'a video decoder, said video decoder receiving input image data and outputting intermediate image data;', 'a metadata decoder, said metadata decoder receiving input image data wherein said metadata decoder capable of detecting a set of levels of metadata associated with said input image data and outputting', 'intermediate metadata; a color management module, said color management module receiving intermediate metadata from said metadata decoder, receiving intermediate image data from said video decoder, and performing image processing upon intermediate image data based upon said intermediate metadata; and a target display, said target display receiving and displaying the image data from said color management module.

23. The system of Claim 22 wherein said color management module further comprises: an algorithm parameter determination module, said algorithm parameter determination module receiving intermediate metadata from said metadata decoder and outputting color management parameters based upon said intermediate metadata; and a color management algorithm receiving parameters from said algorithm parameter determination module and receiving intermediate image data from said video decoder and using said parameters to dynamically change the image processing of intermediate image data.

24. The system of Claim 23 wherein said algorithm parameter determination module determines color management parameters based upon the level of the metadata determined by the metadata decoder.

25. A metadata prediction module, said module comprising: a histogram module, said histogram module receiving image data and creating a histogram data from said image data; a plurality of predicted metadata modules, said plurality of predicted metadata modules receiving said histogram data and storing metadata values based upon said histogram data; and a scene change detector, receiving at least one of a group, said group comprising image data and histogram data, and detecting whether a video scene has changed and sending signals to clear said metadata values stored in said plurality of predicted metadata modules.

26. The metadata prediction module as recited in Claim 25 where said plurality of predicted metadata modules comprise a plurality of a group, said group comprising: minimum, maximum, toe, mid and shoulder modules.']