I realized that was a mistake. So, I decided to take another go at my settings to incorporate Local Dimming.
Again, my original starting point was to run "Picture Wizard II," so if you're just starting, try that first. My recent changes are bolded.
Color Temp: 0
Dynamic Contrast: Off
Super Resolution: Off [set this how you like]
Color Gamut: Standard
Edge Enhancer: Off [set this however you like]
Color Filter: Off
Expert Pattern: Off
Noise Reduction: Off [set this how you like]
MPEG Noise Reduction: Off
Black Level: Low
Real Cinema: Off
Eye Care: Off
LED Local Dimming: High
Now, I should point out that the PLAYSTATION 3 itself has three settings under "Display" that I have turned on that further enhance my picture without the need for additional color profile tweaks to my TV.
Cross Color Reduction Filter: On
RGB Full Range (HDMI): Full
Y Pb/Cb PR/Cr Super-White (HDMI): On
does anyone know what all these settings exactly are?wondering why you have the settings you do, such as Noise Reduction, dynamic contrast off
If you're watching content that's 720p or lower, then "Noise Reduction" and "Edge Enhancer" make the content a little crisper/sharper by getting rid of some artifacts. Personally, I sit rather close to my TV and I find that it only serves to add more noticeable jaggies.
I have no idea what "Super Resolution" is meant to do, though. I haven't figured that out.
"Dynamic Contrast," though, looks to artificially boost light/dark areas to make them light colors brighter and black colors darker, but it can totally wash out flesh tones. If you're tweaking your colors manually, it's really just messing up your settings to have it on. (Unless you like it, but I personally don't.)