The Quartz2D Programming Guide goes into great detail about the various color models supported by the core-graphics system.
The most important detail is that in theory any color you can represent with the RGB model can also be represented with CMYK or HSB. The various color models exist to make it easier to conceptualize colors in different scenarios, as well as work with the peculiarities of the given rendering device.
There are too many details to describe in the SO format (or at least I don't know how to). However, in summary and to get your started these color models are:
Red-green-blue additive (plus alpha channel)
Additive means starting with black, and the primary colors are accumulated to result in pure white. This is the typical color space for back-lit devices. There are 2n possible colors where n = the number of bits.
There can also be an alpha channel, and they way a color is calculated when one color is painted on top of another depends on the blending mode, of which there are many.
Cyan-magenta-yellow-kelvin subtractive (plus alpha channel)
Subtractive means starting with white, and removing the primary colors until reaching black. This is the typical color space for printing devices. Due to printing technology, in practice this results in a deep purple, hence the addition of 'kelvin' an additional black ink to correct this.
Like RGB, this color space also supports an an alpha-channel with numerous blending modes.
Hue-saturation-brightness
Yes another color model.
Grey-scale
Allows manipulation of brightness only, without hue or saturation properties.
iOS Color Spaces
The Quartz2D system allows you to specify any of the available color spaces for drawing, however on iOS you're limited to an array of supported Device Color Spaces. (AFAIK there is one for the screen, one for printing and a grey-scale).
For more details, please consult the full Quartz2D guide - it's certainly worth reading, and unlike some Apple documentation its not so dry (eg you could read it on the iPad while drinking coffee ;) ). For that there's a PDF version available here.