Finally, after a few months I've been able to get my 47LV5500 dialed in as best as I can. After trying a number of settings from online, i found the ones on lcdtvbuyingguide.com for the 55LV5500 which has the same processor. I basically used all the settings including the CMS settings. I tried the 10 point settings also, but didn't like the result, so eliminated them. The picture looked especially good with my blu-rays & dvds. I decided to try the AVS disc for white, black, & color patterns to check for my particular viewing conditions (not a dark room, but with low lighting) to see if there were any differences.
I came up with slight differences in contrast, brightness, color, and tint. Tint was the furthest off from the recommended. The AVS disc has NTSC color bars with flashing squares that make it really easy to adjust color and tint. The white & black level patterns are good too. So, my final numbers (I'll just list the ones that were different from the site).
Real Cinema On
Color Gamut BT709 HD
For a final check, I used a friends HD Essentials disc to check everything (has a nice pluge pattern for black levels) and my settings were exactly the same as the AVS disc results. The AVS disc, of course, has a ton of other patterns if you happen to have calibration equipment and I'm sure if I did, results would probably be a bit different, but I'm not sure I could see the difference from what I have now. I also had turned on the THX modes for the set (which look very nice with blu-rays/dvds) to compare and like my settings better. The AVS disc also has a series of videos from HD Nation that actually show you how to use the disc using the main patterns.
When I watch cable, via my HD Tivo, I use a different input mode with the same settings, but kick up the backlight to brighten up the picture - especially helpful when watching 480i programming.
I also checked streaming video from Amazon and tried to change the settings there to match as best I could, but the options are limited. I did watch a free movie via Vudu and it looked very good.
Of course, these settings are for my room environment. If you watch in a totally dark room, your black levels & contrast will be different for sure. And perhaps you color adjustments might be slightly different depending on the color of your walls. But these might be a good starting point for anyone who has recently purchased this model.
One other thing, if you look at other reviews of current LG televisions at the lcdtvbuyingguide site, you will notice that many of the recommended settings are the same as the LV5500, even the 3D sets. I'm guessing this shows that the processing engines in those models are very much the same as our set.