soundx, it looks like a software colour profiles bug which you describe. The Windows 7 machine I was talking about is my old windows desktop, which I used with my LG monitor via HDMI until I got the Mini.
All the other testing with the connections HDMI > DVI (HP L2045w DVI monitor - correct colour profile detected and selected) and HDMI > HDMI (LG monitor - incorrect colour profile detected) I did with the Mini with OSX 10.8.2. I have no Windows OS on the Mini yet.
It looks like to me the custom Mountain Lion version for the Mini is not reading the monitors' EDID info correctly when connecting via HDMI > HDMI. But works if connecting via the supplied HDMI > DVI adapter. Most likely culprit is the display/HDMI driver/firmware.
There are very similar issues (flickering, colours washed out) being reported and described on intel forums where people are running Windows OS and connecting via HDMI with Intel 4000 graphics. Looks to be a Intel 4000HD firmware/driver issue.