I've created a Mosaic Dataset for which I manually adjusted the histogram settings for one of the rasters to generally match the color other. Then I found out about the Color Correction tab. It corrected the color better than I had manually set.
The problem is that hitting the "Correct Color" button only works once. After that, the mosaic preview disappears and shows all white . The only way to get it back is to turn off the "Apply Color Correction" in the Mosaic Properties -> Defaults tab .. that process gets annoying when experimenting with the various settings.
The other problem is that when I Build Overviews with the color correction applied, the overviews are solid black. This doesn't happend with the color correction off.