I recently re-calibrated my projector and demoed a few scenes to check out the new calibration. This is what I learned.
I had previously miss-understood the instructions on the W.O.W disc (Disney) and set the contrast just like you set the brightness. Boy was that wrong. The picture looked good, but it's obvious now how much clipping was happening.
Once the contrast was properly set I watched the demo stuff on the W.O.W disc.
E.V.E. from Pixar's Wall•e is translucent! I've always been able to see a ring under her head, but there are numerous other areas you can see circuits and moving parts when your whites aren't clipping. The underside of her head even reflects the visible parts beneath it.
If you haven't seen this your contrast is set too high.
This movie just became a reference disc for contrast.