The goal of limiting contrast is to make sure you capture all of the black values and all of the light values in your image that are available to you (prevent the camera from clipping either on the way in)... this process assumes you will be CC/Grading EVERY SHOT you take to get your contrast back with blacks all the way down at 0 and the hilights all the way at 100.
In camera sharpening off (or down as far as it'll go)... and saturation down slightly to protect the individual color channels from clipping (this will serve to flatten the image slightly) (
http://prolost.com/flat ). If you read the posts I made years ago, this is fundamentally the same setup I used on my XL1s. You're protecting the data so that the camera with its limited data capacity (example: in an 8 bit image, each color channel will only have 256 possible values of gray in each color channel -- not much information when it comes down to it, spend it wisely).
This way, in post, you can take the pixels with their R, G and B values and move them where you want them... if they are clipped, values that are darker than 0 become 0... and brighter than 255 become 255, making big oceans of black and white in your image that looks like crap (video look). Alleviating these clipped areas is a bigger solution to the "Film look" than 24p or anything else you can do... and is fundamentally a lighting challenge... expose for the hilights and light the darks into range -- coincidentally, just like you would with actual negative film (although it works more like reversal film where you have to protect the highlights more than the shadows).
I don't let actors wear pure white, pure black or pure bright red, green or blue on set ever, and I make sure the set folks take care of things on set with these colors as well... moving, painting, scrimming, lighting, whatever it takes.