Sounds great.
In ideal world this metadata would turn the mode on/off during adverts when a movie is being shown on some terrestrial TV channel. This would only be possible if the actual metadata is continuously sent during every frame of movie as it is playing, and the metadata stops during breaks or other interruptions, so the TV turns back on all its normal picture processing (smoothing, motion compensation etc.). This would be good to highlight the difference between normal over-processing modes and this mode.
Having it only manually activated as previous ISF and other "movie" modes have been on TVs will just mean consumers leave the TV as it was out of box in the default "over-processed, over-sharpened, edge-fringing, soap-opera smoothed, auto high-contrast" mode at all times.
Of course this is still nothing to do with picture calibration... so you could be in filmmaker mode on the TV, but the colours could still be all over the place.
So is LG going to push this to existing TVs using firmware updates? Or is this limited to new, high-end large TVs only?