El Presidente is pretty much on the money there. The grey card he's referring to is a standard piece of equipment in video production and used to match all of the cameras with each other. Cheaper video cameras typically just use a white balance (point it at a white source, usually a card or a white shirt and then press the button so that it can figure out what the RGB levels need to be to make white), but studio cameras are a little more complicated in that they typically use a complex series of patterns and such to coordinate sharpness, brightness, grey levels, etc... I believe we also used a white balance, but some places would use a color card as well to manually balance the color... it just depends on how anal retentive the director was. This is coordinated with the lighting scheme to match everything together.
I haven't done this in a long time (I was usually on the camera and it's coordinated from the director's seat), but I remember it being a frustrating and tedious process... but I worked in a public TV station and our gear wasn't the best in the world. I also believe that the monitor was switched over to show only black and white for the sharpness, etc., but I could be wrong on that.
In the end, though, I'm pretty sure it's an aesthetic decision. SNL and the awards shows have no problems matching color, so it's not much of a problem to do it. Digital technology makes it all a little easier, too. They may not even need to do any of this stuff manually anymore.
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