They linked to the Sencore device in the article. We have those things at work, but are switching our color-sensitive monitors to TV Logic and using their (frikkin awesome) automatic adjustment thing which actually interfaces back with the TV and changes the settings for you, taking out the guess work.
http://www.tvlogic.co.kr/eng/products/mf_lcd/ml_index.php
Dunno if they mentioned things like sharpness, overscan, etc in the article. But you have to set those too, but I think the Sencore pattern generators have that too.
I have taken the same XBR series monitor they mention and calibrated it both for work (non-critical uses) and my home one... Um, but never mind signal quality? That Sencore machine won't help you one bit if the signal from your DirecTV or whatever is out of whack. Where's the video scopes to analyze that, Best Buy? :P Haha... They mention that the TV was "using too much power" - well, there is even a standard for brightness level in film - very low by LCD standards, something like 300 cd/m2. This corresponds with about the lowest LCD backlight setting on that XBR. Oh, right by the way film standards are different from HDTV standards in all aspects, so make sure to set it up for each input, depending on what is connected.
Color correction is obviously a big deal for post production. In real color calibration, there's not many questions to be had in the process, it's just matching the output on the monitor to some measurements in various published papers and tweaking the room so you don't get reflections or whatever.
But seriously, 300 bucks? I'll borrow the machines from work and do it for $200, and my settings will be way more legit. >_>
Obviously I'm leaning towards the technical standards and "director's intent," that is, what they saw when making it. Muck with a LCD's color settings, and NOBODY WILL EVER say the standards look the "best" on their LCD, but that is not the point...