GIMP Plugin Registry

FX-Foundry/Color/Separate Luminance...

Creates two new layers: one containing the Luminance, and the other the Chroma information in the form of a Grain Merge. Optionally, it will color-enhance (maximize saturation in) the Chroma layer while still keeping it luminance-neutral.

This allows you to do noise-reduction and sharpening on the two layers separately.

Update (23-Jul-2009):
Noticed that highly-saturated colors exceed the ability of the grain-extract/grain-merge to handle without clipping the color, so I have made the excess color get folded into the luminance layer.  read more »