All things being equal and correct, YCbCr 4:2:2 is the ideal format for Blu-ray and HD video in general. There are a lot of reasons for this... the primary reason being that any and all video processing is done in YCbCr mode. So if you send RGB to a display, the display is about 90% certain to convert that to YCbCr for processing, then back to RGB just before the pixels are driven. So sending YCbCr 4:2:2 avoids some unnecesary conversions. If you send RGB to a video display and the Color and Tint controls are still active, that video display is converting RGB back to YCbCr for processing. If the Color and Tint controls can't be used when you send RGB to a display, the display passes the RGB video without processing.
All that said, some displays look better when you send RGB vs YCbCr -- in my experience it's about 5%-10% of displays just plain make better looking images when you send RGB. But you have to check every brand/model and even year. I've seen a Sony XBR panel look better when receiving RGB one year, but the following year XBRs look the same with RGB or YCbCr. Maybe 20-25% of displays look best when you send YCbCr and the remainder look the same whether they receive RGB or YCbCr.
When it comes to 4:4:2 vs 4:4:4... I've never seen a difference, though 4:2:2 is natively 12 bits (regardless of what you've read or heard elsewhere) unless you set the disc player to a lower number of bits. 4:4:4 won't be more than 10 bits and possibly not more than 8 bits so ramp patterns may look better in 4:2:2 mode than 4:4:4 mode. Discs are encoded with "8 bit" 4:2:0 (actual resolution is a bit less than 8 bits because of the chroma decimation required by this format). Disc players typically default to 12 bit 4:2:2 output (the HDMI standard for YCbCr HD). So the disc player converts 8-bit 4:2:0 data to 12 bit 4:2:2 data (typically, unless you change some settings).
Bottom line... your best choice most of the time is YCbCr 4:2:2 -- but every display should be checked to make sure it doesn't look better when you send RGB. If you send RGB and the display looks better, use RGB.
Consumer video uses digital levels 16-235 for Y and 16-240 for Cb and Cr. There should be no such thing as 0-255 for YCbCr formats. RGB can be sent as 16-235 or 0-255. Computer sources (computer generated, not online streaming) generally use 0-255 while anything consumer or streaming will generally be 16-235. Unfortunately, most disc players use some non-descriptive term to differentiate the 2 RGB modes... RGB, RGB Standard, RGB Normal, etc. typically indicate 16-235 which is appropriate for consumer video sources and streamed video. If the mode is labeled extended, full, enhanced or something similar, that typically means 0-255.