Yeah, that really works with a movie that is properly transferred, like Se7en. But a lot of the time films don't look that great using a properly calibrated set. I mean, in order to watch the space scenes in INSURRECTION w/o flinching, I remember having to turn the contrast way way up and bring the brightness down, to get the ship windows to read like something other than fuzzy plain white mailing labels.
FYI: things look fine on the Blu-ray of Insurrection.
One of the great things about Blu-ray is that upon the introduction of the HD formats (initially both HD DVD and Blu-ray) studios slowly started to realized that they have to take their film transfers much more seriously than ever before. The much better resolution and slightly wider color space for HD made poor transfers obvious.
Pete Kuran is a vfx guy who goes all the way back to the original STAR WARS, and I remember in the 90s, after the first THX certified laserdisc of SW came out with all the garbage mattes, reading something from him where he actually had a good explanation for why the video transfers were hotter and thus exposing the garbage mattes. Can't figure out where it was he said it though, and am pretty sure it was a print source, not net. If I come across it, I'll chime back in.
Please do, I'm always up for a good read about inside technical stuff like that from industry pros
With everything being digital and being sourced from (comparatively) very high quality scans of films and very different standards of data storage than before, AFAIK there isn't really an issue of modern video formats making the content hotter. That was very true when you had the limited resolution (both over all lines of resolution and luma resolution) of composite video sources like VHS and LaserDisc (though it was quite a bit better than VHS).
It's why TNG when remastered looks amazing and has much more depth and vibrancy to it, the VHS (and DVDs which were sourced from the same analog pro grade video tape masters) have a pale cast to them, often it leans towards purple and the image is generally not very dynamic. All the editing on tape and final dupe to a tape source means the end-product kept losing more and more information from the original filmed segments.