Personally, I just use a combination of Levels, Hue/Saturation and Exposure. Used properly, this combination can do anything you might ever need to do, and offer far greater control than the color wheels of FCP. This technique is used on feature films, commercials etc. so rest assured these tools offer a professional level of quality and control. You just need to know how to use them properly.
That said, After Effects 6.5 and up comes bundled with a third-party program called Color Finesse, which offers all the color correction tools you’d find in FCP and more. When you apply it as an effect to a clip, it launches the app in a separate window which can take some getting used to, but it works great. Here’s Adobe’s description:
Color Finesse™ from Synthetic Aperture, a professional color processing system that uses a 32-bit floating-point color space for precise adjustments. With Color Finesse you can fine-tune color corrections in HSL, RGB, CMYK, and Y’CbCr color spaces and take advantage of automatic color matching and custom correction curves. You can monitor all color levels using the built-in waveform monitor, vectorscope, histogram, and correction-curve displays in Color Finesse.
Brendan Coots
Splitvision Digital
http://www.splitvisiondigital.com