I don't remember an EQ setup on it, although I wasn't looking for one, since I don't have an EQ.
The speaker calibration, is for getting the all the speakers set to be the same volume, at the sweet spot, whether one speaker is by your head, or across the room. With all the speakers at the same volume, no speaker will overpower the others. If they aren't calibrated right, the background music in a lot of movies, will overpower the dialog, so you can't hear what's being said. Some folks like to run the center channel, just a bit hotter than the others. I set all of mine to be the same.
Good luck!