The need to "calibrate" a display for video "editing" is a complete fallacy. There is no need to have accurate images when plopping pictures and graphics next to each other to create a story in a linear fashion. For accuracy you need a dedicated input/output device with a display that represents your intended delivery; projection, broadcast, whatever. If your intended delivery is web or phone only, well, it's a total rodeo where the word "consistency" has no meaning at all.
The MXO, it puts a look up table on a computer monitor and then does some other electronic mumbo jumbo to simulate interlacing and other tv junk. I call it lipstick on a pig, others here will give it high marks.
The only real constant is that if you want to play in the world of "hd", the costs are bigger than in "sd" and is the return on investment worth it?
z.