The differences between the Vizio E-series' picture modes are limited, and you get low input lag with just about any combination of picture settings and processing features.
We recommend disabling the 'Auto Brightness Control', unless you want the TV’s backlight to automatically adjust to the room’s lighting. For more direct control, you should adjust the 'Backlight' setting. We set our TV’s backlight to 34 to hit our target of 100 cd/m2, which we want for viewing in a dark room. You should increase the 'Backlight' setting if you watch TV in a bright room.
In 'Advanced Picture,' we disabled everything except for 'Film Mode,' which helps eliminate judder when the TV is displaying 24 fps video. See the Q&A for more information about why we don’t recommend using the 'Active LED Zones' feature, as well as to see how effective the 'Clear Action' option is.
Unless you only watch loss-less media or Blu-rays, you should set the 'Reduce Block Noise' and 'Reduce Signal Noise' settings to High, as those can help eliminate some of the artifacts that can appear onscreen when low-quality media (streams, broadcast TV) is playing.
Our TV’s 2 point grayscale calibration was pretty far off the mark by default. These settings will be different for every TV, so we don’t recommend copying these for your TV.