My understanding is that the PARC is an analog variation of room EQ. Audysey, ARC et al work in the digital domain. I'm not sure whether PARC includes an RTA function (room analyzer), but if it doesn't you'll probably use a stand-alone RTA for set-up.
As to Ja2's contention that you can't fix acoustic problems with EQ, I'd respectfully disagree. Respectfully, but emphatically. Modern parametric EQ is an amazing thing and - to my ear - makes a bigger improvement in overall sound than just about any other change you'd make in a system. To test this claim, find any AVR with Audyssey and do a "before/after".
As always, however, YMMV.
Marty
As to Ja2's contention that you can't fix acoustic problems with EQ, I'd respectfully disagree. Respectfully, but emphatically. Modern parametric EQ is an amazing thing and - to my ear - makes a bigger improvement in overall sound than just about any other change you'd make in a system. To test this claim, find any AVR with Audyssey and do a "before/after".
As always, however, YMMV.
Marty