Audyssey is not that simple.
While that is a very nice statement it says nothing of value. Audyssey sets channel levels as well as programs an EQ for the user and sets speaker sizes and distances. All things that can be done yourself if you are willing to spend the time.
edit: From the
Audyssey FAQ
"During automatic set-up MultEQ first finds how many loudspeakers are connected in the system, then determines the loudspeaker type (satellite or subwoofer), checks the absolute polarity of each channel, and identifies the optimum crossover frequency for each loudspeaker and the subwoofer(s). After that it calculates the distance between each loudspeaker and the first microphone position in order to automatically sets the appropriate delays. Finally, it identifies any level differences among the loudspeakers and automatically sets the trims."
Now lets look at what it does:
-Finds loudspeakers - calibration discs do the same
-Polarity - again calibration discs
-Crossover frequency - many people have found this setting to be wrong. Reading about your speakers and using a calibration disc can fix that problem
-Distance - while not as important generally does a good job minus the sub
-Delays and Trims - The spl and a calibration disc are your friend here.
-Speaker Size - lets not forget how Audyssey loves setting speakers to large.
I used Audyssey very happily until recently when I got a SPL meter and started toying with it then I realized what I was missing. I have better and more accurate frequency response across my total range causing for a much more pleasant movie and music experience which was not only noted by my SPL but also by my ears and my girls too as the speaking in movies was far more clear.