You can use REQ Eq feature to give you filters for an equalizer - thats one tool. I use this to set my filters for my hard knee and to you can adjust the filters and see what the effects will be on the freq response and waterfall (decay very important). This is an excellent tool I have used a lot
You can eq as much or as little as you want - with lots of variable and options to select - personally I think you want as least eq as possible - concentrating on bass frequencies 250hz and down and still using a minimal amoutn of eq to resolve then problems
Another use is looking at your frequency resonse in general, waterfall in general and rt60 to analyse what your room is doing to the sound.
You can then target the problems and see what you are actually hearing and not hearing - its quite shocking actually.
Its particularly useful for best placing a sub in the best spot in the room and ensuring that sub is in phase with the mains - extremely important
Its design I think to help improve room acoustics - you then measure after the see what the change is to quantify the work
Its useful to see what the auto calibration is actually doing or not doing to the overall sound - you would be quite surpirsed I would imagine.
Often graphs used in auto calibration tools are 1/3 smoothed, changes appear more drastic and the picture much rosier - look at the same results with no smoothing or 1/12 smoothing and the picture is very different