Most people don't have multi-thousand-dollar RTAs (Real Time Analyzers)... I find my SPL meter (with the correction table) and a sweep generator (run on each channel independently and then on both) gives me the best results.
Using pink noise to calibrate levels of components such as a subwoofer settings and parametric equalizer frequency, level, and Q settings, would require an RTA. While the results of calibration with this kind of setup are usually more linear than with a simple SPL meter and sweeps, the latter still offers a great performance/price ratio.
Pink and white noise used to calibrate levels between different channels, however, is very useful, and you only need a simple SPL meter to do this.
