As far as I know that only affects your desktop gamma, it's reset when playing games. I remember I had a monitor that was really bad at showing dark scenes, so I had to download another program just to force a global gamma setting. (even Catalyst Control Center couldn't do it)
OP, doesn't your monitor have a brightness and contrast setting?
I don't think so... I've always used this to adjust my gamma/contrast for games, and have never had problems with it.
EDIT: That said, I'm on a laptop. Maybe desktops are different because of the external monitor? I wouldn't know.