Contrast helps to adjust IBL (HDR images used for background lighting).
Note: In the UI we are caling it Bright instead of Brightness. This copy what Blender composite is doing.
Note2: the algorithm we are using produces pure black when contrast is 100. I'm not a fan of that, but it's a division by zero. I would like to look at other algorithms (what gimp does for example). But that would be only after 2.62.