While some receivers have auto setup features that will attempt to perform level settings with their included microphone, more often than not most will run the level settings manually with an SPL meter after the fact as many of these can be less accurate.
If your receiver does not have a microphone and auto setup feature, I would absolutely recommend it. There's a substantial difference in the sound field for 5.1 soundtracks when each channel isn't properly balanced. While some folks do prefer to boost their subwoofer output in comparision to the other channels, an evenly balanced front soundstage (LCR) along with surrounds will allow for proper panning and sound effects reproduction. -TD