Look up: BLACK LEVELS (brightness)
WHITE LEVELS (contrast) These are basic settings that will help your picture dramatically.
REFERENCE LEVELS (for console)
COLOUR SPACE....Please use RGB and nothing else on the 360.
Another bumpy area is your TV's 'SHARPNESS'...(If you use a pc resolution then usually this option has no effect)
BUT...If you choose to use 720p or 1080p then either use NO SHARPNESS (hard to get used to) or just a little. You don't need it super duper sharp...THE REASON BEING> Sharpness introduces artifacts that would not otherwise be there without it, also with sharpness; it is a TV enhancement so it will alter the ORIGINAL Video signal produced by your console. You wont notice this unless you are practiced in what to look for and what the optimum setting should look like (for some tv's its just above 0)
Download calibration software on to usb to use on your console (it must be original HD for it to calibrate properly) this will really help.
Don't use 720p or 1080p (I have in the past) USE A PC RESOLUTION through your HDMI CABLE if your TV supports it. Usually 1024x1280 on widescreen or in my case 1366x768 using EXPANDED reference levels and RGB Color Space.
Not sure about PS3 sorry.