I have the same problem. I have a new 15" retina MacBook Pro and 2 great HP w2207 monitors. I have used these as external displays with my old 13" MacBook and they are fantastic. Sharp fonts and great color.
With the newest retina MacBook Pro, the colors are washed out and the fonts are fuzzy, blurry. The display is unacceptable.
It appears that Mountain Lion was released before Apple could include the latest driver files for third party monitors. As a result, I have a rMBP that is useless to me.
I have wasted countless hours over nearly 2 weeks trying to fix this problem. Apple's suggestions have included buying SwitchResX ($20). No thank you. It's Apple's problem. Apple needs to fix it. They also suggested I use another external display. What?!?! I should buy another monitor?! I don't think so.
I chose the third option. I returned the rMBP. I may look at it again after they fix the problem. If I haven't bought a different laptop in the meantime.