The i1 Display Pro III is by far the most common choice for DIY display calibration. For just under $400, you can get the i1 Display Pro III meter and the home user CalMAN software, or you can pony up an extra $40 to get the retail version of the Display Pro III, which comes with some software of its own that you may or may not find useful in addition to CalMAN.
The latest version of CalMAN is easier to use than the older versions and has a wizard to help walk you through the calibration process. But you are still at the mercy of a number of potential limitations:
1) Doing your own calibration means you are only using the user controls in your display. These may or may not be sufficient for performing a full color, greyscale, gamma, white level and black level calibration.
A professional calibrator, on the other hand, has access to the service menu and the calibration menu of any display. If you're determined, you might be able to find the access codes to these "hidden" menus online. But be warned! These are NOT easy-to-understand menus. They are not labelled. They don't come with instructions or anything designed for a user. And unlike the user menu, you can permanently screw up your display pretty bad if you don't know what you're doing! I would NOT advise any user to monkey around in service or calibration menus. But if your display lacks comprehensive user controls, you might be able to measure, but you won't be able to adjust, which makes buying a meter and software kinda useless!
2) While the i1 Display Pro III is rather amazingly good for its price, it still is not a professional level meter. Its tolerances and precision are still far below a professional grade spectrophotometer, so you wouldn't ever want to use it for a critical display - like a professional editing monitor or something like that.
3) The CalMAN software is extremely powerful, but even with the wizard, you still basically need to know what you are doing if you want to use it to its full potential.
4) Again, while the i1 Display Pro III is extremely impressive, there are issues with certain display types that can "throw off" the meter and cause it to give inaccurate readings. Unfortunately, LCDs are the primary culprits, and also the most common display type in homes. The only way to really accurately get readings off of many LCD displays is to take readings with a spectrophotometer and then create an offset calibration file for a colorimeter like the Display Pro III.
Honestly, my advice to anyone who is interested in video calibration is to hire a professional at least once. Talk to them on the phone beforehand and do not hire a calibrator until you find one who is willing to spend time talking with you and basically educating you about calibration. Some calibrators are "all business" and just want their clients to get out of the way so that they can perform as many calibrations in a day as possible. Other calibrators are very friendly and will happily talk all day with you if you like. So it's a matter of finding one of the friendly, patient ones
What you want is the experience of watching a professional calibration process. And you want to witness a truly accurate and professionally calibrated image before you go trying to calibrate displays yourself. Ideally, you'll be able to ask questions and receive answers throughout the process from your calibrator. Again, some of them love to talk and teach, others will want you out of the room!
Once you've seen the calibration process and you have a fully calibrated display, that's when it's a good time to purchase a meter and some software so that you can take your own measurements, play around with the software, and become familiar with how to take readings, how to interpret them in the software, and what your targets ought to be.
And, naturally, there are even better meters than the i1 Display Pro III. SpectraCal's C6 is a modified Display Pro, but at a substantially higher cost.
Another great option is
ChromaPure . In my opinion, ChromaPure does a better job of walking you through the calibration process from beginning to end. Basically, ChromaPure was made by a professional calibrator and it takes you through HIS process. Professionals and semi-professionals tend to prefer CalMAN because they can tailor it more to their own process and order of doing things, but, like I said, you basically need to already know what you are doing with CalMAN. ChromaPure gives you a little more hand-holding and a bit more of a guided path.
ChromaPure also offers a
modified i1 Display Pro III meter for a slightly lower price than the SpectraCal C6 option. ChromaPure's version provides offsets for common displays that the retail Display Pro III meter might have troubles with. It's a pretty good value in that respect.
My personal opinion is that the best value all around is in first hiring a friendly professional calibrator who is willing to talk with you throughout the process and basically provide an education as part of the service - and after that service, buy yourself the $400 CalMAN DIY package with the i1 Display Pro III meter. You can use your professionally calibrated display as a reference, and then use the meter and CalMAN software to calibrate other displays or your friends' and family's displays, etc.
If you're a bit more serious, you can pay extra for the modified SpectraCal C6 meter.
If you're determined to do it on your own and never hire a professional though, you might want to consider the ChromaPure package with the modified Display 3 PRO meter for $600. It's a more accurate meter with the modifications and the ChromaPure software does a better job of walking you through the process.
Hope that helps!