Warning! The LFE calibration settings on the new DVE were bungled, as the author Joe Kane has confessed after serious problems with the disc were reported on the AVS forum. Kane has suggested a workaround, but the consensus seems to be that Avia is still the best way for audio calibration, at least until a corrected "DVE 2.0" comes out. (I preordered DVE but never opened it, since the audio problems were reported before I got around to it, so I can't tell you any more about it.)
As far as the broader issue of test tones vs. calibration discs is concerned, I am in agreement that using a calibration disc is best whenever possible, since the results will most closely reflect what you will actually hear when playing movies and music.
That being said, I did use my player's test tones to calibrate the player's analog outs for DVD-A and SACD. (In my player, the Pioneer 563A, the player's internal calibration settings affect only the analog out channels, not the digital out--check your manual for the fine print.) I figured this would get me close enough for the time being.
