Interesting discussion. My own take: Reference color temperature is D65. Anything higher than that is bluish. Anything lower is reddish.
The best way to determine, by eye, if the color temperature is high or low, is through a gray scale pattern which you get through specialized DVD's such as those from Video Essentials, Avida and Spears & Munsil. They provide you varying levels of gray, from blacker than black to black through maybe 20 in-between grades up to white and whiter than white. If the grays are pinkish, the color temperature is low. If they are bluish, the color temperature is high. If the color temperature is at reference, white is white and black is black.
I think a huge impact of using the correct color temperature, aside from simply the accuracy of the color, is in the contrast ratio which is defined as the luminance of white over black. If the white is not white, it will have less luminance and if the black is not black, it will have too much luminance. In either case, contrast ratio suffers. The net result of this is that if your color temperature is not reference, the picture will look flat. It will have less pop. It will look less 3D.
There are displays which have good color temperature out of the box but these are rare and over time, the color temperature changes. The only way to maintain the correct calibration is to use calibration equipment and software.