So this method solves color oversaturation issue in windows for not color managed applications ?
For example windows XP internet explorer's colors won't look oversaturated anymore ?
No. The oversaturation is due to a lack of colour management. The only solution is colour management or not using a wide gamut screen. The wide gamut is set by the monitor's backlight and is fixed.
NEC 2690 has special sRGB mode, which can be adjusted to some degree and which is esentially a fixed LUT mode utilizing quite complicated methods to produce sRGB colour space.
But essentially internal LUT does not solve the wide gamut problem. R/G/B LED can.