Mikael Kalms, senior programmer at DICE said this on the Mordor HQ Forums.
There will be a console command for disabling the color grading entirely in the game included with the next PC game client update. We believe that turning it off gives no major competitive advantage/disadvantage. IRNV scope and a few others which turn the image into greyscale or greenscale don't work properly without color grading and will look real ugly. There will be no in-game UI for turning it on/off. We are unlikely to handle support questions and bug reports regarding stuff that happens when color grading is disabled.
As for server settings: we are not currently planning to implement any new ones.
There will be no in-game UI option to turn it on/off and it is unlikely that DICE will provide support for anyone who experience problems such as bugs with the colour grading disabled. Still, it is a step in the right direction and you won't get banned for using it.
Will you be turning it off or keeping it on? Tell us in our forums.