The Standard settings are a good starting place for fine-tuning the television. While some customers choose one of the pre-sets (Standard, Movie, Dynamic, or Custom) and decide that it's "good enough", others use those settings as a starting point for fine tuning some of the settings.
So to answer your question, it's preferred if it's ideal for you. If you'd like to play around with some of the settings, you might consider checking out the C|Net HDTV Picture Settings forum for that specific model to see if you like the results better.
The direct link is here:
I just used my Digital VIdeo Essentials DVD and set the picture using "Standard" mode.
After I was done, I remembered the settings, then reset it to original settings to see how different it was, and it was exactly the same? I'm really happy with the picture watching TV programming in "Standard" mode. Is that the preferred mode for HDTV programming? I have yet to watch any DVD's as I do not have a BluRay player yet.