I disagree. For those of using using set-ups in less than ideal rooms, the EQ functions can perform wonders. I don't understand the comment relating to this being an 80's concept. I currently use an HK 435. The EQ/EZ-set sets delays, crossover, and has a parametric eq that also adjusts for the subwoofer.
If you have a dedicated HT then the EQ may not be necessary. However, when so many people use a variety of speakers in less than ideal rooms, the really good EQ systems can work miracles...