I have a SQ01 panel, and here are the settings I am using at the moment:
-TV SETTINGS for use with HDMI-:
Screen Adjustment submenu
Picture Size: Screen fit
Position: [no change]
PC Screen Adjustment: [grayed out]
Auto Adjustment submenu: [Grayed out]
Advanced settings submenu
Black tone: Off
Dynamic contrast: Off
Shadow Detail: +1
RGB Only Mode: Off
Color space: Native
White Balance [see below]
Flesh tone: 0
Edge enhancement: Off
Motion Lighting: Off
White Balance submenu
Picture options submenu
Color tone: Warm2
Digital Noise Filter: Off
MPEG Noise Filter: Off
HDMI black level: Low
Film mode: Off [grayed out]
#1: I have no idea why other peoples HDMI Black Level setting is grayed out. Mine is not. I'm on firmware 1020 by the way. That is currently the latest firmware for my country.
#2: Any and all settings that are not mentioned should be set to their DEFAULT values.
-PLAYSTATION 3 SETTINGS for use with HDMI-:
Cinema Conversion: Automatic
BD/DVD Video Output Format (HDMI): Automatic
BD 1080p 24Hz output (HDMI): Off (very important for MOST Samsung TV's)
Display Settings menu
Video Output Settings: [check all that apply]
Cross Color Reduction Filter: Off
RGB Full Range (HDMI): Limited
Y Pb/Cb Pr
/Cr Super-White (HDMI): On
With these settings the TV looks pretty good. So far I have tested 1 Blu-Ray movie (Tron: Legacy) and several PlayStation 3 games (including new games recently released) and one of the games I tested is the graphically superb Uncharted 3. So far everything looks good on the TV with these settings.
The only problems I have noticed is that the screen has a pretty reflective surface and it is best to view this TV in a dark room because of this. In a dark room you don't have problems with the reflective screen but in well lit rooms it will become a problem.
The other problem I noticed is that it is true what they say about this TV's viewing angle. If you view this TV from anything other than dead center you WILL notice a drop in quality. Not really a problem for me because I view my TV from dead center all the time anyway.
There also appears to be a green tint in the dark end of the grayscale on this TV. Setting the G-Offset to 22 (as I've done in the above settings) seems to fix this.