Hi,
Yes you can select TV or PC black levels in madVR, mine is set to TV levels which is correct for my setup, if i select PC levels the white is crushed which you would expect.
Just seems strange that you would have to do a full calibration to get basic black levels correct which makes it unusable for me i am using an NVIDIA 430 card if that makes a difference. So dont know if its a general problem or just affecting me?
The standrad setting displays correctly on RO it is also correct when i use another software player.