I teach, work, and learn from/with a lot of colorists daily. And of course LUTs are heavily discussed. Most colorists feel the most important thing anyone should know about LUTs ... is they are purely and simply the dumbest math out there.
They are built as a matrix of data points. The input data of any particular number set, let's say RGB numbers, 25-47-14, gets output to another number. Let's say this LUT matrix outputs that number point set to 23-50-20.
And the LUT causes the app to do this sort of thing all through the incoming image data, depending on how the matrix is set. The matrix can be fairly simple or of course fairly complex. But there is no way to add thoughtful action to them.
That capability is both very useful ... and even more dangerous to your pixels. Most pro colorists have rather intricate LUT stressing tests they'll apply before using a LUT of most any origin. Just because some LUTs can do very strange things with certain clips that you probably don't want to happen.
For us 'general' users, one of the most important things is to understand LUTs are absolutely "dumb" ... they are made typically under "ideal" circumstances, or at least a particular circumstance, of exposure/white balance/contrast to the lighting and camera settings. When used on any clip not lit/exposed/camera-settings identical, they may well clip highlights to whites, crush blacks, and either over or under saturate the color.
This is why when colorists use LUTs, they never ever put them in some place like the Basic Tab's Input LUT slot ... not even for technical tranform LUTs ... because that is before the user has any controls to 'trim' the clip into the LUT. I've argued about that placement with the Pr developers and color scientists, who actually the last conversation I had were willing to talk about moving the Basic Tab's input LUT slot to the bottom of that tab.
Because then 'we' users could apply a LUT, and 'trim' the clip's tonal/color settings in the Basic tab to fit within the requirements of that LUT for proper operation.
So ... I always apply any LUT in the Creative tab's drop-down, so I can use the Basic tab to best fit the clip to the LUT. As an example, I just worked with another user who was having clipped highlights with two different log-conversion LUTs. Definitely bopth are "technical" LUT.s And it turned out that which tab he used the LUT in was the problem.
Because when I tested the affected clip and LUT, with the LUT applied in the Creative tab slot, yes on initial application the highlights/whites were pushed way up and clipped. Just as the user was having happen on their machine.
But because I applied the LUT in the Creative tab, I could easily go to the Basic tab and back the Exposure control down a bit, which brought the highlights/whites down low enough that all detail appeared, there was no clipping of highlights, it was a perfect image. With all the conversion qualities of that special LUT in full effect.
Now ... as to what's the difference between a "Look" and a LUT?
Well, a ".Look" ... a "dot-look" ... note the period, or dot before the L? ... techically is a particular form of .cube LUT. And that format of cube LUT works mostly in Premiere Pro, you might not get it to work in another application. "Dot-Look" files I think came out of the sadly departed SpeedGrade color grading app Adobe used to produce.
And they are still an option in the Lumetri workspace as one of two LUT formats they allow us to use. They do not work in the Basic tab slot, only in the Creative tab slot. I've never seen a .Look LUT be accepted in Resolve though, for instance, even though Resolve does take a fairly wide array of LUT types.
Outside of Adobe apps, a lot of people talk about "look" LUTs versus tech LUTs, and for that discussion, Mike's comments are spot on. A "look" type LUT is designed to essentially 'grade' the image for a particular feel.
A tech LUT is designed to do a specific mathematical transform of the clip, say from one color space to another. Or from a Log or RAW state to a display state, say Rec.709 or Rec2100/PQ. Transform from say SLog-2 into ArriWideGamut ... that sort of thing.
Neil