[chrisseaton]

People don't want contrast that is too high or too low.

http://reports-archive.adm.cs.cmu.edu/anon/itc/CMU-ITC-089.p...

The accessibility guidelines account for this.

[mrob]

#000000 on #ffffff passes the guidelines with AAA level too. If it strains your eyes then your monitor is set too bright.

[chrisseaton]

Well we could also say that if the contrast on this website is too low then your monitor is not set bright enough.

Ultimately it's a matter of taste isn't it?