The Colour Grading Tool allows you to make synchronised colour adjustments. These adjustments changes are applied to the whole movie nondestructively, on a clip-by-clip basis (so changing the colour of one movie doesn't affect any other movies in the Playlist).
You can load the Colour Grading Tool by selecting it from the Tools menu or by pressing the Pro button on the Minimal View Transport Controls. The Colour Grading Tool button is represented with the letters RGB.

There are controls available to adjust Brightness, Gamma, Contrast and Saturation.

Any colour adjustments you make will be seen by everyone else in the the review.
LUTs (Look Up Tables) are not synchonised - they are intended as Viewer LUTs only.
LUTs can also be applied on a per clip basis. LUTs are stored in a user defined location, which can be changed in Preferences. Currently cineSync only supports LUT files in the IRIDAS .itx format.