Update : We discovered the way the flicker frequency increases or decreases according to the monitor's refresh rate. Overall this contrast ratio is similar to other monitors also using a TN panel for their screen.
However, this washed-out look is less visible when the monitor is used in a well-lit room, as the ambient light of the room raises the perceivable black level of the monitor. The ASUS VG248QE has a below-average contrast ratio, and when set in a dark room blacks tend to look grayish, giving a washed-out look to multimedia content with dark scenes. It's unknown why the monitor does this, we've never seen another monitor or TV do this before. The 144Hz contrast ratio is actually quite poor even in a bright room the picture will look slightly washed out, and in a dim room it will be even more noticeable. The contrast ratio at the monitor's native refresh rate of 144Hz is lower than the 60Hz contrast ratio that was initially measured, so the score has been updated with the 144Hz measurements.
Update : It was discovered that the monitor's contrast ratio decreases at higher refresh rates.