No, it isn't.
That's why it's still listed (and uncommented on) in the wishlist sticky.
It also depends on the video format in use, and whether the DirectShow filter in use already has this option built-in (c/o File Info (Alt+3) > double click filter for config)
And it also depends on the quality of the video, your graphics card (and config) and your monitor (and whether or not you're too lazy to use its brightness/contrast controls)
But yeah, maybe one day...
but it's definitely not top priority.