No, that's incorrect. There's a choice as to whether to use the Audyssey adjustments or to turn Audyssey off and attempt a manual equalization, but the manual settings can't be applied to the Audyssey results. Dr. Kyriakakis has commented several times on this, for example here, and has emphasized that manual settings aren't possible while retaining the Audyssey equalization results. Again, there's a choice, but Audyssey can't be tweaked.

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Enjoy the music, not the equipment.