I don't get this - a picture of the same frame is different in FCP X as in Magic Bullet Looks. I do changes in Looks, hit finish button to apply changes and get back to FCP but I find that it looks different there. I go back to editing in Looks - it opens up the picture which again is different than what I see in FCP. By different I mean different colors. Is there something I'm missing in how it works?
You may need to update MBL. I had this issue earlier on this year and reported it as a bug. As we went from FCPX 10.0.3 to .4 and now to .5, RG had to fix an inverted image issue and to cut a long story short (for once) I think we're back on track as my 'Dingy Image' problem went away.
I think there is a bug in MB that will not allow preview rendered frames. So, try editing the clip before it has been rendered. That should fix it.