Its pretty well calibrated out of the box.
Here are the settings i found the best:
Mode:Custom
Backlight: Max
Brightness: 51
Color: 50
Hue: 0
Color Temp: Warm
Sharpness: Min
Reality Creation: Off
Noise Reduc: Off
Mpeg NR: Off
Film Mode: Off
Everything off in adv settings as well, gamma 0, color space auto.
You will need to set these setting for each mode: netflix, hdmi, etc as each mode has their own settings.
The best Hd channel i found was MTV Beats HD rather than other HD channels. it looks superb. On Tata Sky btw.