It accurately sets all your sharpness/contrast/color/brightness settings. It's pretty much idiot-proof. However, you need a blue filter to do the color part of the test, which I haven't done yet.
Also, you have to do it for each hdmi port you plan to use, and each component connection. Settings on your tv don't carry over and though they will likely be very similar, they may not be exactly the same across all connections.
