Yeah, thats pretty much it. If you are like most users you will want to take frequency response measurements and tune the system to correct any issues you want. It is an advanced piece of equipment. I am not going to tell you its as simple to adjust as a couple of knobs but once you figure out how to set it up the possibilities are pretty endless. And if you decide to incorporate subwoofer(s) down the road or something it will also come in handy for that as well.
For the price, you're better off going this route rather than getting a new piece of equipment just for its tone control circuitry.