If you didn't have the correct address, you'd get garbage or a partial image, not an image with the wrong colors.
Incorrect CAM_BLACK_LEVEL in the sd990 had an effect somewhat like what was described here. See http://chdk.setepontos.com/index.php/topic,2972.30.html
Not that I would understand a thing about this.. but I tried setting CAM_BLACK_LEVEL to 128 and calibration results are way better than before (with quick test picture of my laptop LCD (full of reflections). Error used to be something like 80% and now its just 17%.. Now if someone would just fine tune it and take a proper calibration picture 
I would do it if you could tell me:
1. how to change CAM_BLACK_LEVEL
and 2. how to compare the 2 pictures and measure the difference?
1. CAM_BLACK_LEVEL is in the trunk/include/camera.h (but is 128 really the right value?)
2. I used instructions from links you had posted in the previous page.
http://chdk.wikia.com/wiki/DNG4PS-2/Calibration and
http://chdk.setepontos.com/index.php/topic,390.0.htmlI dont have the time today to get more into it, but I took quick photo of the pallete (damn i hate the glossy LCD screen..) results were not so good but the program was able to calculate the matrix from it.
I used the modified DNG4PS-2 posted by yarvieh in this thread, its buggy like hell but worked for my
experiment Options->CamOpts, there you'll find the calibration. (have to try to open the file with wrong camera type, then switch to SX110 and try again, otherwise it wont open....)
Last step is to apply the color matrix into the camera.h.
Results are not perfect, but much at least the blue haze is gone. When I open the DNG with Picasa theres black borders on the right and top, photoshop doesnt show them, its like the picture would "shift" few pixels.. but I wont get down to it now.
I attached resized photos (DNG converted to JPG with photoshop)
