Contrast ratios specified are usually pretty accurate, but they are meaningless to the quality of the display overall. What matters most is how well the display reproduces colors and how smooth the greyscale is across the board. You see, if a display only operates with 8-bit greyscale, then it has 256 levels of grey. So, a bigger contrast ratio may mean that those 256 levels of grey are more spread out and the image actually would appear worse than a display with a lower contrast ratio.
Our eyes only perceive, at one time, about a 200:1 contrast ratio. But, across the range from brightest images to darkest images we can see well beyond 10,000:1 contrast. So, in a dark scene we can pick out all the little details in the shadow. In a bright scene we can see all the little highlights on the snow. But, it is tough for the human eye to do both at once. This is why bright colorful images tend to look better - they often have a wider contrast range and our eyes don't notice the subtle differences that may not be perfect as easily as we would on a more monochromatic image.
The bottom line is that you really have to judge a display on what the display does on its own. Plus, if you already own it, and are happy with it, then enjoy the heck out of it. Unless you can return it and aren't happy with it of course.
