Picture - My Picture setting was quite high and made the game look quite bright. I dropped it down to the middle setting (50 for my TV) to make the game a little darker.
Color - A little goes a long way here. Previously it was set to 50. This was the main cause of Skyrim's grey hue. I pushed this to 70, which made the colors, especially blues and oranges, look significantly more vivid.
Color Temperature - Previously set to Neutral, I put this on Cool to give a bit of a blue tinge, and also to counteract the oranges which were a bit too strong for my taste.
Sharpness - This one is based more on personal preference. I find that lower settings improves the quality of distant landscapes, so I set it to 0. On the other hand, putting it higher (60-70% of the max) will make textures up close look much better. I advise to play with both and see what you like best.
The end result was a vastly more vivid, colorful, and lively world that I could be immersed in and I figured I would share it with the rest of my console brethren who haven't tried this. Can't wait to see what I can do when I get the PC version
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