Yeah, at first I liked my settings, since they were a lot better than the defaults, but over the last two days I've been trying to work out the kinks and I've been having a lot of issues, especially with reds and fleshtones. I tried KTTV's recent changes as well, and they also had their pluses and minues.
In the end, I realized that I absolutely adored the picture on my old Elite and missed it very much, so rather than making my picture "correct", I worked my butt off to make it look as much like the Elite as possible. It took me about three hours of going back and forth between the two TVs, but I finally homed in on something that's pretty much bang on. My wife agrees that the picture is now way better.
The main thing I noticed is that, even though you can eliminate apparent white crush by lowering Picture (aka Contrast aka White Level) a few notches, there's a lot of lesser crush that still occurs and it tends to make a well-lit face lose all detail in the lighter areas. I had to lower the Picture to 84 to get that detail to remain. True, this darkens the image overall, but your eyes adjust and stop seeing it as darker in almost no time.
The secondary thing I noticed is that there's just no way my eyes will accept Warm 2. I don't care what color meters say, it makes whites look brown and my eyes cannot adjust to it, no matter how long they're exposed to it. I'm using Warm 1 again and my eyes will accept that.
The final thing I noticed is that the color decoder is failing with regards to reds. It seems to have the whole color space either skewed or rotated. Reds always come out too fuchsia. Thus, against all internal protests, I once again put the Hue at G 2. As one might expect, certain tones became too green: blues became a little cyan, and some fleshtones turned a little too yellow. Luckily, these issues were both related to the same color. Thus, I adjusted the White Balance to reduce green. I couldn't rotate the Hue too far towards green, because then I couldn't correct with White Balance, so I also had to tweak blue down a bit in White Balance, and that finally got reds to be red and faces not to be overly pink. In the end, I managed to get a spectrum that matched my old Elite, which had a great picture that never made me question colors.
I also dropped Brightness (aka Black Level) a couple of notches, because though it may be nice to see shadow detail, it just doesn't look appropriate. I think this was also necessary because I had dropped Picture (white level).
I'm not home to check right now, but I'm pretty sure I also ended up going back to the ITU601 Color Matrix for SD. My initial impression that the wrong matrix (ITU709) was being used for SD at the head end of my cable company due to recent switchovers to all-digital delivery was probably wrong, implied by the bad color decoding I mentioned above.
Note that these changes are all for SD. HD uses different color math and I haven't totally reworked it yet. KTTV's settings seemed at least like a good basis for HD, though.
I think I'm going to go back to my post and put this information in it. The settings were an okay first pass, but I'd rather not be leading people down the wrong path. Unfortunately, posting the new settings is probably useless, since it's much more personal taste now and not necessarily a good base for everyone. Edit: I posted them anyway.