I have the same issue. When using PME to calibrate my SW2700's to sRGB, Lightroom/Photoshop colors are very desaturated, but unmanaged apps look right. When I calibrate to display native, LR/PS colors look correct, but unmanaged apps then appear very saturated
Firstly I am a complete novice when it comes to colour calibration - so I can't talk intelligently about this.
But my conclusion is that PME doesn't work.
I have a Benq SW320 which out of the box was super revved up. I used the "supplied" Palette Master Element (PME) with a i1 display Pro sensor. To view the outcome, I used Lightroom (both in develop and loupe view) viewing a staggered grey card - not sure what you call it but it's a jpeg with grey bands on it, each band 5% more/less than the previous band, so 21 bands in all, going from black 0% to white 100%). The result was a significant (and I mean significant) magenta/pink cast on the brighter greys (from 60% onwards) and furthermore the 95% and 100% bands pretty well indistinguishable. Many attempts and always the same result. A disaster.
Then I used i1Profiler software v1.7.1 (with the i1 display Pro) and got a much better result.
Now I did notice, that with the i1 Profiler software , it did something inside my CPU enclosure - there was a distinct click sound (like a relay switching) coming out of the box when I saved the profile - I am guessing it did something (load and reset??) to the video card (NVIDIA GeForce GTX 1060 6GB).
So my conclusion - I am in wild agreement with you Palette Master Element (PME) seriously doesn't work. Having looked at other forums and people commenting on Benq support, my conclusion was that it was a waste of time talking to the Benq support people about anything technical (in Australia at least).
Same problem here! When I calibrate with Pallet Master Pro colors are very desaturated. I'f contacted Benq the Netherlands they asked calibration report and the answer was that the numbers are in spec. I bought the monitor for its hardware calibration / profiling capabilities but its not usable.
Calibrated the monitor with the i1Profiler software with much better results although the image seems to be a bit warmer than my other monitor a BenQ PD2500Q (not a wide gamut monitor) both on 6500k.
White point - CIE Illuminant D65
Luminance - 120 cd/m2
Contrast ratio - Native
Default Profile settings
Chromatic Adaptation - Bradford
ICC Profile version - Version 4
Profile Type - Matrix based
Default Patch Set
Patch set size - Large
What settings do you use?