Correct, and yes, it should be kept in mind that Audyssey and the other calibration/room equalization systems do have those two entirely separate functions. The calibration can be used and not the room equalization.
On the Audyssey equalization function itself, however, I recently read the current issue of The $ensible Sound magazine, in which David Rich ran very extensive tests on the Onkyo 705 and 805, including the Audyssey equalization. In addition to praising them in general for their excellence as amplifiers, Dr. Rich's graphs and listening tests relating to MultEQ XT led him to comment that "The excellent flattening of room effects in the 100Hz-500Hz region improves sound quality for any speaker" It's something that calls for careful experimentation.
