The realness or correctness of colours is usually expressed in terms of warmth and shade. How much yellow in green etc....
The principle is that you start with a value (a subjective choice) and display that value on hardware that creates a new set of variations. Colour correction is usually centered around Monitors and Printing. Light behaves differently from pigment and differently from toner.
Different rendering engines can treat colour differently too (eg your IE example) Each of these differences can modify your colour.
Of course you may see colour differently than I do too. (Even spell it wrong)
Most graphics cards have a colour correcting function. ATI has one attached to its properties icon. Adobe has a colour correction routine too (I"ve forgotten where it is). I set mine once for the use of a medium, say the monitor, and forget it. If I were to publish a picture I'd review it for each project, especially with each change of printer\printhouse.
The thing is that because it's mostly an interpretation of base values and (with the exception of editors like CS2) you don't really influence those values - its sort of a wash. If your screen is set up to display reasonable colour the Firefox settings aren't really important. The only issue might be that if my colour settings were wildly different from the average, my creations would seem off on everybody elses computer because they were designed to look good for me.
IMHO Firefox is being considerate\'far sighted' with these settings but they probably aren't that important. Alot of interest is payed to how a browser renders a page. Comparisons are made and colour correctness might be a point of comparison.
Best thing is to set up your monitor and graphics card correctly than assume you're close to normal. "... gave up worrying about it a long time ago!"
Sigurd
Of course anyone with critical uses for these is free to pipe up.
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