Finally decided to sit down and use Spears and Munsil version 1 (1080p blu-ray), to check output settings for the Oppo 203, since it has a ton. Some people use Source Direct with the Sony because the chip is very good, others use Auto everything, etc... Here is what I found on the 940E, keeping in mind HDMI 1 out on the 203 goes directly to HDMI in 3 on my 940E, so nothing can interfere with the results.
Source Direct, which was sending 1080p had some issues with darkening fine chroma resolution patterns, no matter whether it was 12 bit, 10 bit, 8 bit, and 422 or 444. So, source direct is not something I would use.
So setting Output rez to Auto, Custom Res to 1080p/Auto, I tested color space and depth.
Basically unless I used 422, I found an issue with the one fine chroma vertical patterns, where it had some vertical bands showing on the pattern, did not matter what the bit depth was. For some reason the 940E and 203 do not get along with 444 out. Granted, seeing this in real content is one thing, but if I know the pattern has issues with a setting, no reason to use it if it is perfect with another setting.
So here are the images from my testing:
Final Settings
Output while disc is in
Fine chroma pattern with bands (might be hard to see depending on your screen, but if you notice some of the red bars are darker than others, these show as bands when you use your eyes on the tv screen)
Chroma pattern without bands (422 color space)