This is how I have my aussie spec LA26R51B setup,

Picture settings: Custom mode
Digital NR ON, helps with my VCR
Dynamic Contrast OFF
Brightness Sensor ON
Contrast 61
Brightness 59
Sharpness 55
Colour 50
Colour Tone Normal
My Colour Control: custom, detail settings all at 25. By reducing these down from the factory 50 to the 25 helped to remove the strong yellow colour cast that my set has, and gives me a more natural colour pallet.

Sound is custom with eq set to my preference and SRS TSXT set at Stereo.

Hope this helps Craig
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Just an additional comment, some people tend to have the contrast set much higher and I have found that yes the panel can handle contrast settings up to the max 100 and yet retain white detail, but I have found that the lower setting I mentioned helps reduce the contrast blurring that that this set suffers and pixalisation is not so obvious. Experiment with the settings as in the end the picture has to please you.
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All comes down to preference and I spent a LONG time fiddling obsessively.
Custom - Con 96, Brgt 48, Shpn 66, Col 47. Warm 1, all silly features off.

Then use other settings (movie etc) to have alternatives and use the p mode button to flick between them.

I am now totally settled on my picture, and it has improved as the telly has "bedded in". Even the girlfriend says she loves it!
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I'm glad someone else has used the term "bedded in", my housemates assured me I was crazy when I said that the picture has definatly improved over the couple of month's I've owned it! (LE32R41BD)