The following pictures represent the settings we used for the Sony W650D. These settings are acceptable for most content including sports and gaming. Switching from different picture modes will not affect the input lag since they are all the same.
We used 'General' in the 'Scene Select' option so we can have access to the 'Picture Adjustment" settings.
Just like other Sony TVs, we used the 'Custom' picture mode to get a warm picture look which is our calibration goal. We had 'Backlight' set to minimum to suit our totally black room but this should be adjusted to your room lighting. Higher values will not affect the picture quality and would be recommended if you need to counter reflections. We also set the sharpness to the lowest value since higher values add over-sharpening artifacts. If you find that the picture is to yellow you can change the 'Color Temperature' to a colder setting.
It is recommended to activate 'Noise Reduction' and 'MPEG Noise Reduction' when watching cable TV, DVDs or other low resolution content so to remove unwanted noise artifacts.
We left most other processing off. 'LED Motion Mode' allows the motion of objects to become a lot clearer by flickering the display, unfortunately the issue with this setting is that the screen dims considerable. Here is the result of 'LED Motion Mode'.
We turned all power settings off to get the best out of the Sony W650D.
Update: After the review was done, we were made aware of the white balance setting in the service menu. To access this menu, while the TV is off, press on the remote in this order: 'Display', '5', 'Volume +' and power on.