I've heard that the automatic equalisation found on some newer AV amps is very good, but it is more difficult to manually equalise.
Here is a quote from the manual for a pair of Tannoys I use:
'The i6AW loudspeaker is designed to need no equalisation or correction to overcome
system limitations. As a result, it will only need equalisation to compensate for difficult
acoustic environments.
Over equalisation can reduce system headroom, and introduce phase distortion
resulting in greater problems than cures. If equalisation is required then it should be
applied gently and smoothly.'
I think the general accepted wisdom is that you should avoid using an equaliser, unless it is of high quality, ie. usually a separate component.