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It only works in the EDIT mode.
There are no visual adjustments other than preview quality.
Yeah, I figured both out on my own. Here's a suggestion for others on the preview quality. If you have an Nvidia display card it installs an applet that allows better control of the video card properties. It is usually accessible by right-clicking the desktop, but instead of clicking on Properties you should see a selection for Nvidia Control Panel. Inside there are myriad choices for game settings, multi-monitor settings and display quality. Within the display quality settings you can make changes to brightness, contrast, saturation, etc, far beyond what your monitor's own controls will allow. Using this I was able to match the preview window output to what I see on my camera's viewfinder LCD, which is pretty darn close to what I see in the final output on my HDTV. Well, at least as far as brightness and contrast go. I believe ATI has a similar control panel for their cards. Hope this helps someone else.