After some research I have come to the conclusion that using the neutral profile with sharpness set to 1, contrast set to -3, saturation set -2 and color tone set to 0 is best for when color correction will be applied in post. Can any one confirm this?

Also what are some good presets for when there won't be CC? How about Standard for non-people shots and Portrait Studio (http://www.canon.co.jp/imaging/picturestyle/file/studio-portrait.html) for shots with people?

Set Sharpness to 0. Never apply sharpening in-camera on a DSLR, since it's already unnaturally sharp because it only samples every 4thish pixel, anyway. Adding sharpening makes moire patterns worse, and it actually drops the usable resolution, especially if you're delivering in 1080p or 2K.

Your contrast seems good. I usually shoot at -4 so I can roll off the shadows and highlights with curves in Color, but at that point there's not much usable information above 90% and below 10%. So -2 or -3 is great for typical shooting.

Adjust your saturation based on what you're shooting. If you're in a natural environment without intensely saturated objects, bump it up a tiny bit so it'll record more color data for you to grade, but pull it down if you're dealing with any intensely saturated objects. This sensor (or the encoder) does some nasty things with oversaturated blue, especially in the highlights. But if your contrast is more towards 0, you probably won't see that crap, anyway.

I have sharpness on the 5D up one click from the bottom. Contrast all the way at the bottom. Saturation halfway between bottom and zero, and color at zero. This is what I used on the 7D as well. I found that sharpness all the way at the bottom is a little soft. At the 1 position, there's no edge enhancement that I can see.