I don't want to get anyone's hopes up, but I think I had the same problem with both my mid-2010 13" MBP and my new mid-2012 11" MBA. Images look somewhat posterized, light grays appear white or off-color, and everything looks washed-out, right? I went through this in 2010 and again recently using the moshi MDP to HDMI adapter connected to my Samsung UN55D6300 55" TV. At first I thought it was the TV, but, after a lot of head scratching, it turned out to be an OS X color matching problem. After ****ing around with the Display Preferences | Color tab trying to use the calibration wizard and getting nowhere, I ended up just choosing a profile simply called "Display", which I swear was not present when I started, and it worked. Choosing it for the TV fixed the problem 100% for me. I didn't think I'd have any problems with my new MBA, but the same scenario popped up. The same solution worked again. Now that it works, I don't mess with color matching or anything related.
I'm no expert in digital video signaling, but the GPU attaches a color matching profile to the frames going to the frame buffer. The moshi adapter converts that color matching profile to the HDMI color matching standard, and I don't think some combinations of GPU, moshi adapter, and external display work very well. Manufacturers interpret these standards, and even though two manufacturers' products may comply with the abstract or reference standard, they may not be compatible with each other. Networking products are notorious for this type of interoperability problem. There's generally little motivation for a manufacturer to address these problems because these inter-manufacturer incompatibilies are an incentive for consumers to select a single manufacturer for all of their products. Businesses no longer compete within markets, they compete for entire market sectors.