A while back Bob Zelin had an article in Cow Magazine regarding the subject. Alas I've found no way to search for the article on the Cow. I was hoping someone can provide a link and maybe Bob can answer or update a few things.
I'm not sure if this had anything to do with using an AJA Kona card but "Walter sent me" (big grin and ducks quickly).
I do local (as in low budget) cable spots and digital signage ads so color is important. I have SD monitoring so don't need the HD monitor for that.
Currently I'm taking the 2nd DVI out of MacPro to HDMI in on a 46" 1080P HDTV but thinking that even trying to calibrate that might not be the best budget solution.
In case a suggested video card comes into play (such as AJA) I'd thought I'd mention that I never have to deliver on tape. It's all FTP.
I don't recall seeing an article from Bob about color correction, per se, but I do remember seeing at least 1 or 2 of his rants (read: well informed and lengthy posts with attitude) about patch bays & other gear.