It must be understood that the frequency display is actually pretty meaningless unless the room has been measured with a microphone.
You are correct when talking about room correction. However, a spectrum analyzer is invaluable in determining what is happening electronically to the signal before it is ever heard through the speakers. This is done by using 2.0, 5.1, and 7.1 pink noise and viewing the DSP changes by watching the spectrum analyzer. Here are a few of the things that I use it for:
Understanding High and Low pass Crossover slopes: I have some subwoofer drivers with an Le of 2.07. This means that without a crossover, the driver starts to roll off on the upper end at around 100 Hz. By using pink noise and analyzing the effect of a 24 db/octave or 48 db/octave crossover at various frequencies, I can determine which is best for my system. For example, too high of a crossover with too shallow of a rolloff will coincide with the drivers natural rolloff. This will cause a reduction in output through a certain frequency range.
Understanding the subwoofer settings in Output Format: How does checking or unchecking "Something outside the Media Center will make the subwoofer +10" effect the output on the LFE channel?
Verifying channel mapping: My surround left channel is going to the surround back channel. Is this an error on the source, with the soundcard drivers, or with MC's settings? It turns out it is with the soundcard driver and MC provided an option in the Audio setting to swap channels.
What is JRSS doing?: Using a spectrum analyzer allows one to see the affect JRSS has on surround and LFE channels.
What frequencies are below 20 Hz in this song or movie?: Play a portion of music/movie while watching the spectrum (with it set to max) will enable you to see the max peak output levels.
Are my surround levels too quiet because of a setting or because of the source?: A quick check with the analyzer lets you see that the source has the surrounds mastered at a lower level than the mains and center.
Knowing that your settings are correct and you are capable of accurately representing the original signal with your equipment/speakers is just as important as measuring the room response later. This is more important when using MC and an HTPC as your only source (i.e. no receiver), but can still be of benefit even if you are outputting to a receiver.
Most people don't know what their system is doing. For example, the
Oppo BDP-83 has its low pass filter set at 143 Hz with an 18 dB/Octave slope and its high pass filter set at 90 Hz with a 13 dB/octave slope. If using the analog outs and bass management on the Oppo, you will not get an even frequency response of the electronic signal before the room even comes into play. Using a spectrum analyzer provided that info. Measuring the room might also show a problem, but you wouldn't be able to correct it because the problem lies with signal.