What is your guys stance on using color grading to make up for badly lit shots?
 

I shot a short piece of my friend break dancing but the lighting was not that great, so to make it usable...I changed the mood of the video through color grading and made it seem more like a dream. Do you guys ever find yourself in this predicament?

I don't think video is meant to BE reality, but mainly to PORTRAY a reality. Whatever works to make it look interesting is totally right to use. The viewing monitor is an open canvas made from glowing liquid crystal.
You've got my permission to paint it like you wish. :)

Almost every time! :-)