Well, it depends on product version. In response to the other posts
1) No, smartshaders do not work any more. IIRC., they were discontinued around Catalyst 6.3 (or so). As a result, it's completely not an option for any but the but the earliest X1K cards, and nothing newer (no support for those cards in these older drivers). ATI Tray Tools will not help, as it was removed outright from the driver.
2) That's...not really color saturation you are adjusting there with brightness/contrast/gamma. Try opening an image in Photoshop, and reduce the color saturation slider. Then, take the same image, and make the adjustments you suggested. You'll note quite a bit of difference! "Saturation" values can make the image move towards a more black-and-white (less colorful, more muted - like reality), which you cannot duplicate in other settings.
Anyway, the appropriate solution is in ATI's X1K-series cards (or better). In the Catalyst Control Center is an option "
AVIVO Color Correction", which does work to desaturate images. For example, some comparisons of original shots, desaturated shots, and the above suggested settings:
...now, this is taking the effect to an extreme, but the idea is there. Reducing saturation is a very specific spectrum modification that really cannot be duplicated any other way. (And, in fact, it required hardware support to do, which is why it's not backwards compatible to ATI cards before the X1K series)