Update: An interesting email from a key multiplatform developer this morning corroborates the fact that 360 operates internally in component, the REC.709 standard to be precise, and this contact suggests that in theory it is the correct way to address an HDTV, though in practise sticking to RGB in the way that PS3 and PC do is more developer-friendly. He also suggests that the richer colour we see in 360 Face-Off shots might be explained in some cases because so much development is 360-led: calibration takes place on 360 and isn't corrected on PS3, resulting in the "washed out" look. However, even factoring in the REC.709 component standard, this developer also believes that 360 HDMI output does require adjustment.
Regardless, there does appear to be something rather odd going on here - what is the purpose of the reference levels? Displays operate either at limited RGB (360's "standard") or full-range RGB ("enhanced" on the dash) so you do have to wonder quite why there is an "intermediate" setting at all when to the best of our knowledge there is no hardware that supports it. The intermediate setting does tone back the gamma effect a little, but this setting definitely isn't operating with full-range RGB so the gamut of available colours is lower.
For its part, PlayStation 3 appears to output the framebuffer in exactly the way that developers create it. However, with the advent of the PlayStation 3 Slim, Sony decided to change things around a bit with the hardware make-up of the HDMI interface and this has resulted in a curious side-effect.
DTS-HD MA and Dolby TrueHD audio bitstreaming capabilities were added to the HDMI output, and Bravia Link functionality was also included. This came about via a new HDMI controller chip supplied by Panasonic, which appears to have the unfortunate side effect of adding a slight noise to the video output - something we can only assume is a bug in the design.
Thankfully it's imperceptible to the human eye, but our HDMI cable hash check would've been a complete non-starter if we'd used the Slim to carry out the tests. It's also the reason we don't use the Slim for performance analysis tests, as unique frame-counting requires the noise to be filtered out. We implemented a fix pretty quickly, but for the sake of precision and ease of use, we simply moved back to the noise-free output of the original "fat" PS3.
For the record, the HDMI implementations in all the AMD and NVIDIA graphics cards we've used over the last couple of years have been absolutely fine.