On my Denon I found the Auto Setup which sets the speaker levels, delay, and polarity check did a pretty good job. I did make some small adjustments once I got my SPL meter.
My Denon also has an option for Room EQ, which is a built in equilizer that takes the Auto Setup results and adjusts 8 frequencies to your room. I have found it made my 60's sound worse, so I don't use the EQ part.
I've also found that I've needed to bump up my Sub and Center levels a bit from the mic AND spl calibrations. To start follow the pamphlet for your 500 on starting volume/crossover/phase/etc... Turn the sub on bypass as most likely you will control your crossover from the receiver. Also, put the sub volume on about the 6-7 o'clock position to start. I have a large room and I think I have mine on about 7-8 o'clock and the receiver on -2dB's for the sub.
