Here's a link with a brief description of what room correction does. If you go to the bottom and click the FAQ section there will be answers to many other questions you may find helpful as well. In a nutshell, even getting stereo speakers to sound balanced in a room can be a challenge, but add to that a center channel and a sub and the task gets exponentially harder -- especially regarding integrating the sub properly. These programs can be very helpful in setting the proper levels for each speaker while also taming a room's particular influence on the sound -- one of the most neglected and important aspects of achieving really great sound.
http://www.audyssey.com/technologies/multeq/how-to
One of the gold standards right now is Audyssey MultEQ XT32, but you'd have to pay up a bit to get that right now and as this is not a super-critical listening environment you have to decide whether this is worth it. Given your application here I'm not so sure it is and that one of the very good mid-level correction programs in the cheaper receivers/prepros wouldn't be more than fine. There are many out there (me included) who will say room correction along with speaker selection will have the biggest absolute impact on what you ultimately hear. Not that everything isn't important -- it most certainly is from an ultimate qualitative standpoint -- but in terms of the magnitude of impact on what you ultimately hear this has been my experience.
http://www.audyssey.com/technologies/multeq/how-to
One of the gold standards right now is Audyssey MultEQ XT32, but you'd have to pay up a bit to get that right now and as this is not a super-critical listening environment you have to decide whether this is worth it. Given your application here I'm not so sure it is and that one of the very good mid-level correction programs in the cheaper receivers/prepros wouldn't be more than fine. There are many out there (me included) who will say room correction along with speaker selection will have the biggest absolute impact on what you ultimately hear. Not that everything isn't important -- it most certainly is from an ultimate qualitative standpoint -- but in terms of the magnitude of impact on what you ultimately hear this has been my experience.