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What you find is that if you try to measure chroma, as defined by munsell, on the CIE space, you'll find that chroma depends both on lightness and saturation, growing with both.
Then you just re-scale according to perceptual differences, and get a munsell renotation in this news space.
My problem with the usual explanations of the munsell system stems from this:
Development of the 1929 munsell book of color: A historical review
It will be...hem... a bit harder to do a munsell "sphere" or catalog though :D