You will be very upset. I'm finding folk that are coming from a laptop to tablets like you listed and explode over web pages that don't work and more. This is not a replacement for your Windows PC.
As to the colors and such, check out such things in stores or just return it if it's a dud. For me I'll stick to my laptop and Nexus tablet and smart phones.
Which will be better for:
Gaming, videos, browsing, music and general purpose use....
good performance in Gaming, videos and browsing are absolutely necessary
Considering there is a huge difference in price... Mi pad cost much more than tegra note, is it actually worth the price?
http://www.amazon.in/Mi-Pad-Tablet-WiFi-White/dp/B00VM456H0/ref=sr_1_1?ie=UTF8&qid=1434822347&sr=8-1&keywords=mi+pad
http://www.amazon.in/Play-Tegra-Note-Tablet-Black/dp/B00H4PVBFM/ref=sr_1_1?ie=UTF8&qid=1434822374&sr=8-1&keywords=xolo+tegra+note
I got to know that Tegra note display is not quite up to the mark (washed out colors and yellow tints etc.). Are these just false speculations or are there some settings to rectify those?

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