Yes it has its own room EQ software. However, I haven't used it myself. My understanding is that it's better to set everything manually. A bunch of owners have used their REW software and UMIK-1 to calibrate it, then set the levels manually (so yes, you can do that). There are ~11 bands of EQ per channel.
@lovinthehd
Yes it has bass management capabilities, and there is a 2 year warranty. As well, I believe a 30 day trial period. Aamir from Summit Hi-Fi is a great guy, with amazing customer service. Give him a call. He'll even talk to you and help you out if you don't purchase from him.