D50 vs D65

Steve responded to this question in the ColorSync mailing list. I will post his response here:

At 11:33 AM -0400 6/2/09, Michael Eddington wrote:
Thanks for all the information.

Let me ask this question, what differences would one expect between D65 lab values derived from spectral data versus D65 values chromatically adapted from XYZ?

For example, say someone is measuring sample with a handheld with D65 as the user defined illuminant, versus, spectral data exported out of MeasureTool , PatchTool or ColorThink. If someone were to set up a workflow for proofing and process control utilizing D65, what kind of issues could they potentially run into?

So MeasureTool is deriving D65 from XYZ data rather than from spectral? Why then is this only an option when spectral data is present?