That looks cool! I think it does something similar as what my AV receiver does i.e measure the distances of the speakers from the mic, then calibrate them in order for the driver to hear them at their best. I just had a look at the pictures you put up and as I suspected, my headunit, which is the AVHx2500BT model doesn't support the calibration. It is a very nifty feature to have and I think Mr_Spock's headunit had something similar.
I myself personally like to fiddle with the knobs until I get a sound that feels good to my ears. I used these sound files to spend about 1hr tuning the sound in my car to my personal taste. It's a free torrent of files that were made for tuning sound systems. If there is any issues with me linking the files on this particular website, Mods, please let me know as from what I gather, this is under free license
Might be handy to have this as well Lenny if you don't want to buy the Mic to eq your system. From my experience with my AV receiver when I used the mic to calibrate it, it was a good starting point and then i tweaked it to my taste. Might be the same for your car