Does the Macbook Air have a cheaper screen than the pre retina Macbook Pro?

I got a new Macbook Air yesterday to replace my mid-2011 15" Macbook Pro.

The battery life is fantastic and I love this laptop however I can't get over one thing bugging me - It's the screen.

If is absolutely washed out. Compared to my 2 year old pro, it looks dull and uninviting, it just looks somewhat dead and sterile. I held my Nexus 4 up next to it and even colors seemed better on it, granted my Nexus 4 needed root and a custom color profile to look good as it looked horrible when I got it.

I've tried the calibration tool and it has been worthless. I think it's an issue with my white point, but I can't change it unless I use the "expert" options which gives me a bunch of sliders I don't know how to do anything with before I get to the white point settings.

I searched online forums and my problem is not unique. Multiple people report this "washed out" look. Icons look dull, white looks more yellow and it is driving me nuts. The laptop is nigh on unusable. Some people mentioned checking who makes my laptop panel and it is an LG panel. I loaded up a custom profile and while it helps contrast considerably, colors are still dull, flat and uninspiring.

Which brings me to this post. Is the Air's panel of lower quality than even the pre retina Macbook Pros? I read somewhere that the Air's panel is "TN" (whatever that is) and the Pro's panel is "IPS" (I dunno either). Is this true? If so, are the things I'm experiencing normal? Would I be better served returning it and waiting for the refreshed 13" retina Macbook Pro?