Not all systems handle a V4 profile especially for printing and applications with soft proofing. I have a Color Munki Photo and had to set the default profile versions to V2 in preferences.
The V4 profile was causing Corel Paintshop Pro X3 to crash on a soft proof using a V4 icc profile. (I no longer use CPP but have not tried V4 profiles in Photoshop Elements out of caution.)
In clarification what Trev stated monitors are active additive color devices because the RGB pixel elements are adjacent. This page has a typical LCD monitor pixel layout image:
http://en.wikipedia.org/wiki/TFT_LCD
In contrast, offset and inkjet printers use inks in layers as overlays where the light is passed from the surface to the reflective substrate through all layers and back to the viewer as subtractive color just like filters on a camera lens. The subtractive color primaries are cyan, magenta, and yellow. (Your typical printer driver converts the RGB composed image to CMY for the ink depositing driver.)
The idea behind color management is that the monitor is profile corrected to a standard and the printer is profile corrected to the same standard so that in soft proofing in theory what you see on the monitor will match the printout.
Neither monitor or printer environments are pure so you will not get a 100 percent match but can get very close.
In soft proofing and in printing you may have an application setting to use perceptual, relative color metric, or absolute color metric. This has to do with the spectrum capability of the printer in fitting the specified color space of the spectrum standard chosen.
If I get this correctly, perceptual allows some color distortion but prints to the intent because the printer can not saturate all of the primaries as required. Relative intent reduces all color saturation to the maximum allowed so the hues match the input. Absolute color metric reduces the primary saturation to the original but can look a bit washed out. Depending on the image and printer capabilities try Perceptual and Relative intents for the best image.
The printer profile also can contain a luminance curve as does the monitor. This has to do with the luminance (brightness, contrast, gamma) matching of the two devices as best as possible to the standard gray scale. In the calibration report image of the hues you may have an option to display the black or luminance curve on top of the device limits measured. This shows any color shift as luminance varies.
Your setting of 90 to 110 cd/m^2 for monitor brightness tends to work best for the transmissive differences of the monitor and print matching estimations.
There are also some departures from using the D65 color temperature white point setting used by some. If a print is to hang in a gallery and the color temperature of the illumination is known, then a compromising white point may be used instead of the reference "open sky daylight" D65. I have a near D65 lamp with a spectrum spread index (CDI) of above 93% so I use a white temperature of D65. Within wide limits, the viewer perception will adjust automatically to the difference in viewing light so most stick with D65. It is the psychology of human viewing.
Probably bored by all of this but I find it helps to understand the underlying concepts to help in applying the proper procedure.