Ian721,
Yes and no. The settings are generalized. Dynamic, for instance, should only be used in very brightly lit environments.
The Standard is usually the starting point for most people, and Movie is for dark room settings. Every environment is different, so adjusting the picture to your taste is a pretty standard expectation, both on the end of consumers and manufacturers alike.
With the new 2010 models, I like the Natural setting, and I dropped some of the brightness from the standard setting, and pulled some of the color because it seemed a bit oversaturated. If I take the TV from the office to my home, I'd have to adjust it again because it probably wouldn't look right. But it also depends on the incoming source, such as cable/sat boxes, game consoles, and Blu-Ray player settings - all of which can have a different color spectrum, or variances by device. And each input has a dedicated set of settings, so your settings for the cable box might be different from the Blu-Ray player, and so forth. It'd be a pretty difficult task to align every single device and input in every possible environment.
Simply put, there are so many variables. Room size, color of room, amount of ambient light, input devices, resolutions, etc. all make a difference with the settings.
While that doesn't solve the issue, I'll be happy to pass your comments upward, and I hope this at least sheds some light on the subject.
--HDTech