These are the configuration settings that we used in our review of the LG LF5500 LED TV. First, we set the picture mode to Expert1.
We calibrate for a dark room, which is why our 'Backlight' setting is so low. If you have a few lights on, increase this value as much as you want (it doesn't affect the other elements of the picture quality).
For Blu-rays and gaming, turn off 'Noise Reduction'. You might need to change the 'Black Level' to something else, depending on your source's HDMI range.
Here are the rest of the settings. If you find the picture too yellow, change 'Color Temperature' to something colder.