I would rate the LG HU70LA picture quality out of the box as very good. No major issues with color accuracy leaped out at me. LG HU70LA has a total eight preset picture modes. The Cinema as well as the two Expert (Bright/Dark) modes were the most accurate.
The color balance of the Expert modes is identical with the only notable difference being their default Gamma settings. The Expert Bright Mode targets a Gamma of 2.2 which is preferred for viewing in a room with higher ambient light while the Expert Dark Mode targets BT.1886 to optimize dark room viewing.
In addition, LG also includes a Vivid and a Standard mode. The Dynamic mode and Sports modes are the brightest and are designed to fight through bright light but they add a greenish hue to the image. The Standard mode picture was warmer with slightly boosted contrast.
There is also an HDR Effect mode which both result in an overly saturated picture.
To achieve the best out-of-the-box SDR picture I suggest choosing one of the Expert modes, depending on the amount of ambient light. Since my room had some ambient light, I selected the Expert Bright Room mode along with the Normal color temperature and gamma preset of 2.2. The lamp power set to Minimum Energy Savings (full lamp power).