There is quite a difference with contrast and a camera DOES pick a difference in black depth, and the image washes out slightly with lower contrast.
What is true though is it barely affects colours and bright scenes.
I can set my monitor to IPS black levels, at ~105cd/m² and all other things being equal:
~1000:1 - http://i3.minus.com/iyduljGNpUSHV.JPG
~3500:1 - http://i1.minus.com/i8AIXHDRi0jvL.JPG
~1000:1 - http://i3.minus.com/ibcSweLlAgMp6w.JPG
~3500:1 - http://i4.minus.com/ibomUzZv4gI9Sw.JPG
Wouldn't it wash out in the particular scenario because the contrast has been reduced and the lights are off? How is the difference when in a lit room? I can definitely see gamma shift in the picture you've used to compare with ToastyX's.
Side note: What is your gamma set to?