This should only be done if your TV supports RGB full, and a lot of them do not - It's more of a setting for monitors. It will lead to crushed blacks, as it will on your XB1 as well. What are crushed blacks?
If a TV is calibrated properly on limited there shouldn't be much difference between it and forcing RGB full besides it having proper blacks and shadowing. Lots of people suggest RGB full as it appears to make things pop when you first switch over, but you'll find yourself not able to see detail in dark games and/or increasing brightness settings in games when you can't see anything. The PS4 finally introduced an automatic setting which you are best keeping it on, it will detect automatically if your TV can support RGB full - Some that can need to turn it on first in their TV menu.
Unfortunately it's not a matter of taste, it's a matter of displaying the image rightly or wrongly. I mean you can still crush your blacks on limited with botched calibration, that goes to show it's all about calibrating correctly, and step 1 is not putting RGB on full unless you know for a fact your TV supports it. Step 2 would be to calibrate your TV correctly and then a lack contrast or wanting colour "pop" will never be an issue.
Anyone with a PS3/360, try running around in the pit in Dark Souls 2 with RGB full (if your TV doesn't support it). Even with a torch you can hardly see anything. Switch back to limited and see a world of difference.
This is not meant as a dig at your either McKay, just years of familiarising myself with this setting on consoles and going through calibrating 2 HDTVs that do not support it (first was a Sony HDTV, current is a Panasonic GT50).