TV levels vs. PC levels

[dansrfe]

Ok so I am aware that this topic has been talked about many times but I still have some questions and I thought it would be best that I asked them once and for all.

1) What is the purpose of TV levels? LCD's, LED's, and Plasma TVs all can output the entire range so what's the reason to have TV levels in the first place?

2) Since most content played back on pc's and tv's (dvd's, bd's etc.) all have TV levels, a conversion has to take place in order for the output to not look dull and washed out. If we have to expand to PC levels anyway then once again I don't understand the reason for TV levels.

I hope some answers can clear up the confusion I have on this topic. Thanks in advance!