Yeah, I've heard Anthem's EQ vs Audyssey. I think Audyssey is better. Others think Anthem 's EQ is better.
I think Anthem's Dolby Volume Leveler isn't aggressive enough compared to Audyssey Dynamic EQ. Others think Audyssey DEQ is overly aggressive and prefer Anthem.
But as PENG says, in Direct/Bypass mode, they all sound unequivocally great - Yamaha, Denon, Amthem, etc.
With ARC vs Audyssey vs others, the answers are equivocal.