Doesn't Adobe Gamma set a profile for you monitor which is then used by Photoshop ?
Yes, it does set a profile for your monitor, and you can profile manually using Adobe Gamma, but this is an "a bit better than nothing" approach, as it is relying on your visual assessment of colour and gamma values. The higher end profiling systems (Gretag McBeth, Colorvision Spyder, EyeOne) do a similar thing in much more depth. They ask the monitor to display pure specified tones, then measure them with a spectrophotometer attached to the monitor. The measurements are compared to the "gold standard" values expected, and the software then describes a profile for the monitor.
If you do this an still have Adobe Gamma installed, though, bad things can happen. Adobe Gamma can muscle in and over-rule the other profiles.
As I said above, Photoshop simply assumes that you are in a colour managed environment. It will use whatever is set as the default .icc profile for calculations of how to represent the colours in ACR and in photoshop itself. In many cases the default .icc profile supplied by monitor manufacturers is adequate, or you can replace that profile with either one generated by Adobe Gamma, or one generated by an aftermarket profiling/calibration system.