Well son of a b... that is what is causing my washed out colors and gamma. I noticed it seemed to come and go. Unfortunately it never seems to completely clear up for me, even after going to other apps.
I tested this with the Transformers movie. After playing that a few seconds, I left and noticed the home screen looked really saturated, then went to the browser, and it was the same.
For me going to another app doesn't seem to clear it up, but it does clear up partially after a period of time. And maybe it might be my imagination, but it doesn't seem like it really ever goes back to normal until I reboot the tablet.