Yes, I had forgotten that. The LCD will fool you, especially if you are shading it in someway.
Being an outdoor shooter, I tended to use a shade over my head like a 4x5 camera. If you do this, you will see that the LCD is very bright indeed.
What threw me was the grey color in your post.
When I first started shooting the S2, I would often see that what seemed great on the LCD was as much as 1 full stop underexposed when the same image was viewed on the PC.
It took me several trips before I got in sync with the Monitor, basically letting the images be slightly overexposed on the monitor while shooting outdoors.