DDM, presets, characteristics?

Good questions. But that will all be subjective based on your specific PC hardware, operating system, video card, and Photoshop results. You should test each preset on the same photograph in Photoshop until you find the best combination that works for you.

The monitor, U3417W, is reported to be "factory calibrated." Certainly, that must be the basis of one of the presets! Which one? Otherwise, it is not factory calibrated in any practical sense.

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You are confusing the issue. The DDM software presets cannot "change" the hardware factory calibration of the monitor. DDM is just a software overlay. Put it this way, it doesn't matter what changes or presets you chose in DDM. If you open the U3417W Menu, go to Others, go to Factory Reset, it will always return the U3417W to Factory settings.

Are you telling me that none of the factory presets will just leave the factory settings alone and display as calibrated? In that case is there a way to disable presets and just use as calibrated. Otherwise factory calibration is useless!

The factory does not install DDM and then calibrate the monitor. The monitor is calibrated at the factory to panel specifications agreed upon by Dell and manufacturer. The factory calibration report you get in the box shows to what it is calibrated. But that report has nothing to do with the add on DDM software.

Just what do factory presets do in this case.
* As I explained, the "U3417W Menu- Others- Factory Reset" returns the U3417W to the out of box specifications set forth in your Calibration report.

Other "preset" I have used effect things like saturation, hue, and white balance. I take it these presets do something else?
* The menu reset effects all and any changes you made in the Menu- Color- Preset Modes.

Just what do factory presets do in this case. Other "preset" I have used effect things like saturation, hue, and white balance. I take it these presets do something else?