I had already started working as a DIT (mainly RED tech, this was around the time that the Scarlet was released and they blew up as owner/operator cameras) and began doing looks on site for various reasons. I realized I enjoyed it and actually read a book that has acted as a lot of my basis for understanding and teaching myself about color grading - http://www.amazon.com/The-Technique-Digital-Color-Correction/dp/0240809904
The two ways of working are hugely different. I'd recommend getting a book and reading up. I recommend this one.
Way over saturated. This is a great starting place for color correction. Learn to read your waveform and vector scope, you're just guessing until then.