Here's my monitor settings in full:
ViewSonic VP930b
Entertainment: Color Adjust->SRGB (sets brightness/contrast/color balance for you)
Text/Internet:
Brightness: 33
Contrast: 68
Color Adjust->User:
R: 92
G: 90
B: 70
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When you choose SRGB it makes it calibrated/"SuperBright", then when you choose User it makes it comfortable for text or Internet work and sets the brightness/contrast you set prior.
I just go in the menu and switch between the two depending on what I'm doing. It's not that much of a hassle for me. It can be done with software as well. I might see if I can make a program to do it, some day.
These settings might make
your LCD look crappy, because we have different monitors. But it should be roughly the same I'm thinking since we both have ViewSonic. The VP930b is probably a lot brighter (not necessarily a good thing), so again, your mileage may vary.
And again, just use defaults (standard gamma, brightness, contrast) in NVIDIA/ATI driver options. No digital vibrance, no image sharpening. Hook up your monitor over a DVI connection if possible, and run at 1280x1024. Do not use the ICC profile that came on the CD, in my opinion. It just doesn't work well for me. I probably said use it before but I've changed my mind.
For Windows XP, I also like to use ClearType. Get the
ClearType Tuner PowerToy for Windows XP. Turn on ClearType, RGB stripe, and set the ClearType gamma until the text looks good and all color fringing is gone on the text.
For Linux, it looks even better with "grayscale subpixel blending" under text options.
For some Quake 3-engine games (Quake 3, RTCW, Wolfenstein: ET) I like to bump the "r_mapoverbrightbits" in console. I think it looks really cool on this monitor. I leave gamma at default within game settings as well (quake3=1.0, wolf/wolfet=1.3). If you have no idea what I'm talking about and don't play q3/wolf, don't worry about it.
Edit: added in some more info and don't use ICC profile.