If like me anybody has questions about what this color mod does, here is a photo. On the left is an S3 without it, on the right is an S3 on the latest kernel with color changes. These screens were identical before the update.
As you can see on the right the whites aren't yellow anymore. Personally I think this is a great thing, hated the yellow whites that this screen gave.
EDIT: If you do a curves adjustment in an image editor, the difference becomes clearer.