Hopefully the player if left untouched will output untouched video. Unfortunately that's not always true, and the only way to find out if the player needs its setting changed is check with the ultra-picky folk at AVS. But yeah, assuming your player is doing the right thing, it's best to leave it alone (unless it has a really good scaler, than allow it to upscale video).
The same goes for the receiver. Just let it pass the video through untouched (the exception being scaling, if the receiver has a better scaler than that built into the player or display).
So all the adjustments should be done in the display. There's no reason for the display to get the settings wrong out of the box for digital inputs, but TV makers, like some speaker makers, like to "color" things a bit to make their set more appealing to certain groups when set next to another manufacturer on the showroom floor.
The Spear & Munsil disc is very good. There it's been mentioned here.
