I'm a great believer in leaving everything on AUTO and letting the system work things . Perhaps, in leaving the Colorspace option out of the latest firmware settings HiMedia agree with me?
If it would really work in "auto mode" for all users and for all the different displays they have, also switching every time for the best available Colorspace and bitdepth option for the videos in respect of the previously listed variables, I would agree.
Sadly it's appear to be a bit more complicated. At first, we don't even know yet in what Colorspace and bitdepth will the Player really switch during video playback (and after freque switching). 60 and 50Hz has different Colorspace "sweetpoints" than anything under 50HZ (like 23.976Hz). And there's a huge scatter how different type of TV's and Projectors will perform better PQ concerning the Bitdepth settings (difference that mostly visible in band toning and dithering). Some top-out at 10bit, some can do even better with 12bit and some still "prefer" more the 8bit input (and in many cases also regardless of the TV's bitdepth specification). That's why we need these settings and to be able to experiment with them, to find the best setting suitable for our display, mostly because the uncertainty regarding of the Players real operation described in the presumptions detailed under:
So there are no common "safe-to-say" settings that would result in the best possible PQ in every cases and for every one.
Presuming the "best case" : For every video under 50Hz the Player would switch either to 422 (to avoid 444 incompatibility with many displays not capable) and keep the bitdepth setting as it was.
In the lamer cases: It will switch to 420 and also change / reduce the bitdepth from what is originally configured in the settings.