Really? I had mine set to Standard initially, but the color temperature didn't seem to be right - seemed a bit too cool. I've since switched it to Cinema mode, which automatically switched the color temp setting to "warm", and re-calibrated it from there - went through two discs to verify settings and I've got to say it's stunning. Just wondering what your thought process is with regards to the Picture mode setting... seems like all it does is change all other variables you would modify when calibrating the set anyway.
BTW, to the OP: Those 42" Panny's are a terrific deal right now, the 720p sets are priced ridiculously low. Any consideration to getting the 1080p model? Those are fairly cheap now too, for the quality.