Modern LCD displays are capable of producing very high contrast ratios. Manufacturers of such displays like to provide these high values as they are attractive for those playing video games or viewing video content. Yet these high values are not useful for those processing images and desiring a good soft proof between a display and a print. On a very glossy paper stock, using a very black ‘photo ink‘, this print may provide a 300:1 contrast ratio. Yet your display may have a contrast ratio of 800:1, 1000:1 or higher. If you soft proof in Photoshop and use the Simulate Paper Color and Ink Black checkboxes found in the Customize Proof Setup Photoshop uses the ICC printer profile to adjust the print contrast ratio onto the display. The results are often disappointing because you see this very high contrast ratio display become dim as the proper contrast ratio for print viewing is simulated. It is far better to calibrate the display's contrast ratio rather than adjusting the ratio solely by using paper and ink simulations in Photoshop. When using just Photoshop to do this simulation, only the image, not the rest of the user interface, is adjusted, which is far from ideal. You may need to raise or lower that setting until you get a better match. The same is true for adjusting the white point and luminance! For matching to matt papers, a 200:1 contrast ratio may be a good starting point. It's not possible to provide an exact value! It takes trial and error to produce the best settings because everyone’s print viewing conditions, inks, papers, and displays differ.
In ICC-aware applications, the display gamma and the Working Space are totally independent of each other and do not need to match.
There is nothing magical about using Lstar for the display but it was once 'all the rage' in europe none the less.