I just replaced my old Eizo display with a new and cheap 32" Samsung LED TV (Model UE32H6470). I use it for video editing and color grading my stock footage clips. It is connected to my Blackmagic Design UltraStudio Mini Monitor that works with Adobe Premiere, After Effects & DaVinci Resolve. Of course it can't be compared to a Flanders Scientific but man this cheap TV is really amazing and they have a myriad of image controls nowadays! Out of the box it has really good colors and contrast once set to movie mode. I used the AVS HD 709 mp4 clips on the Adobe Premiere timeline to fine tune Brightness, Contrast, Color, Tint & Sharpness. Further fine tuning and RGB balance was done with CalMAN Studio, DaVinci Resolve as pattern generator and a X-Rite i1 Display PRO probe.
Older iMacs built before 2011 were complicated to calibrate but things have improved since then. Newer iMacs 2011/2012/2013 uses the best IPS technology and are amazing, once calibrated. But for best results you have to use the correct colorimeter and software.
I can highly recommend the i1 Display Pro from X-Rite. It comes with it‘s own software but if you want best results you should consider buying basICColor display 5. This software is really worth the extra money. If you want to save a couple of bucks basICColor offers a bundle for display 5 with 1 or 3 licenses plus the colorimeter named SQUID3. Basically it‘s the same colorimeter but...
>>> UPDATE <<<
If you want to know what display is built inside your iMac, MacBook Pro, ... open the terminal and enter this command: Read More...