I found this product very useful for setting up my HD TV, well worth the purchase price.
Thirty days after my new TV arrived I had a professional calibration done.
And this calibration was good for about a year. But then a year passed and it was time to re-tune the color.
I found this blu-ray and the see-through color films it comes with enabled me to get my colors and white balance exactly right, maybe even better than the professional calibration.
It also helps with room set up.
It does not help much at all with non-color set up, the specifics of specific models of TV.
You can supplement this blu-ray by searching the web on the model number of your TV. You can generally find others discussing your model TV and the settings they are using. That is a big help in understanding and adjusting the non-color settings.
If you can't afford a professional tune-up once a year, I recommend buying this product.