The following screenshots of the picture settings menu were taken after our calibration of the LG UF6800 that we did for our review. These will work for every main usage (sports, movies, and even gaming in the case of this TV). The only usage that these aren't the best is for a PC monitor. In that case, you should label the input as PC to have crispier text.
The 'Expert1' picture mode is the most accurate by default. Just doing this will get 95% of the job done as far as colors and picture goes.
'Backlight' is really a personally choice and depends on your room. If you have a bright room, increase it to the max.
If you like the soap opera effect, turn on 'TruMotion'. Note that this is only a 60Hz TV, so the soap opera effect won't work on 60 fps content.
Leave every processing options off.
The rest of our screenshots shows the white balance/colorspace calibration. This is unit dependent, so we don't recommend copying them. If you want to try, you will need to enter every values, because they are all active at the same time.