Here we have Halo 3 ODST, the top image is using official Microsoft component cables connected to a Dell 2405FPW with the 360 set to display 1080i (this display is incapable of displaying 1080p over component for some reason). The bottom image is the same console, same display but using an HDMI cable with a HDMI->DVI adapter (no HDCP on this monitor but games don't require it) with the 360 outputting at 1920x1080 presumably at 1080p. You can clearly see a HUGE difference in brightness. I did nothing to change the settings of the camera and admittedly I didn't exactly optimize the settings for taking these pictures either but they reflect what my eyes actually see pretty damn well. The main result was that for the first half of the first mission playthrough I could see just about nothing. ODST could easily have given Doom3 a run for it's money. I have never played with the settings on this display in terms of color or contrast, ever. Even checked to see if the settings could be manipulated and no there is absolutely nothing in terms of a contrast setting anywhere to be seen. What gives? Is it the difference between 1080i and 1080p? Or is the difference in component and HDMI? Or perhaps is my display being a PITA and offering different contrast levels based upon the input being used?
Different inputs need to be calibrated separately, all inputs are not made the same either. One setting never matches all, and the outputs of the consoles themselves can be different. So since you never calibrated the individual inputs, they look different, which is to be expected. Even calibration has its limits though, and there is no guarantee they would be the same anyway even calibrated.
You should also check to make sure your Xbox 360 is set to 'Expanded' HDMI Reference level, as the 'Standard' reference level is greyer in contrast. This article: http://www.dailytech.com/article.aspx?newsid=7216 explains why. Other than that, I'd agree with the PITA option.