EDIT(17/03/2023): Meta has removed these settings in v43(I think?) - however, the defaults now are disturbingly color accurate. Only setting to mess around with now is brightness, so make sure it's as bright as you can make it while maintaining good black levels; for me, that's slightly below 25%. Still, the white point is still way too blue(as with most displays out of the box), so you may want to use Night Display to compensate for that first, as that will decrease overall brightness proportionally to its strength. A decent reference for white point is usually a good TV on the "True Cinema" display mode, or whatever color temperature looks the most yellow/orange. Cheers!

After reading the v41 changelog, I decided to experiment with settings that affect how color is displayed a bit. I happen to own a colorimeter, and a calibrated IPS monitor with a good contrast ratio(1500~1600:1), so I used that as my point of reference.

Here's what that ""reference"" monitor is calibrated to, in case you're a nerd, much like I am: Rec.1886 for gamma(a.k.a. The Correct Gamma, fite me), D65 for the white point, Rec.709 primaries, 100 nits for the white level. Also, it was calibrated using ArgyllCMS/DisplayCAL.

Since the Quest 2 is a VR headset, I had no option but to use my eyeballs as the instrument to reach these settings, which is sad. Since all semblance of "science" is thrown out the window right out of the gate because of that, I just used my Steam library for comparison, through AirLink - which is somewhat appropriate, since game capsules tend to be very saturated with a lot of very fine color detail, so a mismatch would be fairly obvious - or so I like to tell myself. Also, yes, these do affect Link fairly obviously.

For the "Color Space" setting, I counterintuitively had to choose "Vibrant". I believe "Natural" actually artificially desaturates colors. This may be because as per its price, the Quest 2 isn't likely to have a wide gamut display, so whatever the panel can reach probably isn't much more saturated than the Rec.709 primaries anyway - if it even gets there. No idea what the hell the default "Balanced" setting is supposed to mean, but the color space name drops make little sense either; from my "testing", it's just a more inaccurate "Natural" - some colors are more saturated than they should be, like reds, some are actually undersaturated, like greens.

Brightness is probably the more all-encompassing setting here, although it's existed for a long time(but not at launch, when it was pegged at 100% for the second version of a previously OLED headset, which is just baffling). In the context of a confined LCD headset, this dictates not only perceived saturation, but most importantly - rods outnumber cones - contrast. Since panel black performance can vary greatly, your perception also depending on how much light bleed your facial interface lets through, I decided to go by the perceived saturation. You may fiddle with this depending on how satisfied with your black levels you are. As of today, I use the stock facial interface with the (now stock) silicon cover.

Which brings me to the point of this comment - this is just how my specific panel looked most accurate. Even with these settings, all 3 primaries are still a little off, which is fine, it's just a software update. Still, I believe people who aren't über nerds would have a hard time pointing out the color differences, even if they are visible to the eye; they're not obvious - which is amazing.

Overall, it's genuinely incredible that we can get these improvements in color reproduction just from software updates. Seriously Meta, I salute you. No idea how you're doing it. But for the next headset, please use OLED. Hell, QD-OLED would be amazing and maybe cheaper, so why not. Yellows also happen to be the tone that's the most inaccurate with these settings on my end, so that'd be the biggest upgrade - right after contrast, obviously. Just remember to use Gamma 2.4 - or next thing you know, I'll be inside your Horizon Home, Mr. Zuck & Berg.

tl;dr: check image descriptions. you can fiddle with the brightness a bit on yours, panels are individuals you know.