Should notice the difference
Microsoft announced through Xbox 360 spokesman Larry “Major Nelson” Hryb that they have begun to push a patch down that addresses the color issue many users have had. Upon the Xbox 360 being patched the change should be immediately noticeable, according to Hryb.
Hryb notes that the fix is being applied by partners as well to their titles on Xbox Live; and it is expected that it will continue to be rolled out by partners over the next several months.
The color issue caused problems with the quality of video playback; and after the Metro dashboard update it forced content to run with limited RGB levels, which resulted in washed out colors. Blacks seem to be the most effected with those turning grey.
After several sites called Microsoft on the problem by producing before and after photos that told the story, the company finally acknowledged the issue (although it had apparently been brought up during the beta) and said that they were working on a fix.