Denis properly answered your first question and I can concur that white seems like full white.
The monitor's brightness regulation is huge going from over 330 cdm/2 whites down to 45 - 50 cdm/2 which is is great, so it's flexible for all lighting conditions. So even if it reaches full brightness almost instantly. No worries there, and I don't see how any damage could occur to the screen or to your eyes.
I also have gamed on it at brightness of like 5 and 10 and no issues with eyestrain during gaming or during general use of reading web pages, documents, etc.... I don't notice any flickering at all at any brightness I've tried.
The AG is pretty good. It is almost identical to my NEC LCD2490WUXi2-BK even though they are different panels and definitely not intrusive like some other monitors with LG panels. The sparkle effect is fairly minimal in my opinion.
As always look at the monitor displaying a full black screen from as far away as you can and backlight-bleed will stay and intrude from the corners or sides/top/bottom of the screen while the glow will disappear. BLB becomes quite distinct from further away and easy to spot. How much you are willing to tolerate is up to you. I had a little coming from the top right corner and it is seemingly almost 100% gone now. There is still a tiny bit but it is very hard to see.
Good luck!
Thanks for the reply, 10e and elite0101.
I think I may try an exchange. Hopefully I get a better one this time. I'll let you know, when I have it.