Have you checked the manual to see what its stated by using this setting? If you don't have it, you should be able to grab one from Yamaha's website. I'm using the RX-V659 in a bedroom setup which I believe has the same feature, but I've never felt the need to delve into this setting.
The "predefined settings" you mentioned are available in several current receivers as well as some of last year's (and older) models. The Yamaha RX-V2500 in my main setup offers several EQ, DSP and level settings (six separate memory settings, IIRC). The Denon AVR-886 I'm using in a secondary setup also has the ability to store some of EQ settings, though not as flexible as the 2500. I'm sure several other receivers/pre-pro's offer this feature as well... -TD