Settings are not that bad, I changed the Mode to Standard as Movie was too dark for me. It did bring my Contrast way up from my original setting and looks better, Thanks.
I have ran THX Video Optimizer which gave these settings:
Backlight : 6
Film mode: Auto 2
I have watched Lord of the Ring (III) normal DVD and the picture was amazing. If anyone could kindly try these settings and let me know the feedback or any changes should be made to make it more impressive.