Well, since you reinstalled SP2, I'm skeptical of HP's assertion that "its a operating system fault." Other than this printer issue, are you having any other problems with your computer?
Here's a Google find,
Understanding Printer Colour Management, which says, "Almost all contemporary printers ship with profiles for their inks and that manufacturer's popular papers. These are usually installed automatically when you install the printer driver." Therefore, I think this is a seldom encountered issue; most computer users simply install the software that came with their printer, which installs the necessary color profile, and there's no problem.
For more references, Google
printer color profiles or something similar.
Anyone else have some thoughts on this?