The display color profiles are essentially different algorithms by which the range of all possible colors (aka gamut or color space) is mapped to the capabilities of a particular display. No display can reproduce all possible hues, saturations & intensities; hence the need to 'map' the full range of colors to the specific, and frankly limited, capabilities of a particular display.
Color LCD is the proper display profile for the built-in display in your MacBook Pro. The other profiles, if used, will produce a range of colors that do not map properly for the display. Generally, the other display profiles are only used if a specific display requires them.