A good way to calibrate your display and determine if your WD TV is outputting the correct signal is to play one of the test patterns found here: http://www.avsforum.com/avs-vb/showthread.php?t=948496
I used the MP4 files which are only 5MB (either 7z or self extracting).
Then all you have to do is look at the white or black test patterns - you should be able to adjust the brightness (black) and contrast (white) so that you can see flashing grey bars across the entire screen. If you’re not able to do this then your signal is being clipped, and you have the wrong color space. I found out that I was using RGBHigh instead of RGBLow.
After you have tested the above you can then just use the patterns to get the correct black and white levels by following the simple instructions in the pdf and on the screen. For the black pattern you should see no flashing bars at reference black, but with the white pattern it is recommended that you see flashing bars across the entire screen.
There’s a HDNation video that perfectly illustrates the above (it starts 15 minutes into the episode): http://revision3.com/hdnation/calibratepart2#rev3Player
I had problems with the color space reverting to the wrong type until 1.03.43 v. Everythings been good for several weeks now.