I posted the following in the B650 thread, but thought I would cross-post here since this thread gets no love.
I ended up using "Standard" picture mode for all of my inputs. Movie was probably the most accurate out of the box, but too flat and musty for my tastes. "Natural" mode is a joke as there's nothing natural about it. Anyhow, back to Standard: I turned off all of the "enhancements" like Dynamic Contrast, Black Tone, etc. If you adjust your picture in a dark room you'll discover that black tone doesn't actually make the screen darker: it just crushes the blacks, and they're already too crushed to begin with. Keeping the brightness and black level as low as possible is what's going to give you good blacks at night. It was also at night that I realized how blue the blacks were, while yellows had some lime in them; I tried to compensate for these things with the White Balance and think I did pretty well. I left the color space at Native because it looked the best and I don't know enough to monkey with that. Here's the HDMI Blu-Ray settings I settled on:
Mode: Standard
Backlight: 4
Contrast: 95
Brightness: 42
Sharpness: 40
Tint (G/R) 50/50
Black Tone: Off
Dynamic Contrast: Off
Gamma: +2
Color Space: Native
White Balance: R-offset 25, G-Offset 20, B-Offset 17, R-Gain 28, G-Gain 25, B-Gain 25.
Flesh Tone: 0
Edge Enhancement: Off
Color Tone: Normal
Size: Screen Fit
Digital NR: Off
HDMI Black Level: Low
Auto Motion Plus 120hz: Custom 10/2
(Game Mode Off)
One thing that surprised me is that the sharpness adjustment on an HDMI input actually does something on these new models, and by default it was actually too high and causing additional noise. I think I settled on 40; above that started to add noise and below that got mushy.