SET COLOR_CORRECTION "1" (default setting) makes the game look much bleaker and LESS saturated than the pre-1.3.3 standard:
http://www.elderscrollsonline.com/en-us/news/post/2014/08/04/patch-notes-v133
Changing it to
SET COLOR_CORRECTION "0" results in more vivid colours, adding a lot of atmosphere to the game world, especially in interesting lighting scenarios. I've gotten tons of positive feedback from numerous players that tried deactivating "Color Correction" and enjoyed the look of the game much more as a result.
That's why I suggest to
- go back to the old standard (SET COLOR_CORRECTION "0")
- add an ingame GUI option for turning "Color Correction" on or off
- ideally have some sort of preview similar to the gamma setting
Here's an example of what changing the setting actually does: